Standard Bank Weekly Gold Price Analysis for the Week Ended May 10th

Standard Bank

The South African Standard Bank issued its report for the performance of gold prices in the commodity market in the past week in May 10th. The report analyzed COMEX gold, gold futures and gold ETFs price movements during the week.

The U.S. nonfarm payrolls report decreased the net speculative length of gold by 22 tons. But gold prices weren’t affected much by this selling pressure due to the high Asian demand on physical gold.

The net speculative shorts are above the 5-years average by 109.4 tons, while the longs are below the 5-years average by 541.9 tons.

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