Standard Bank Weekly Gold Price Analysis for the Week Ended May 3rd

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 3rd. The report analyzed COMEX gold, gold futures and gold ETFs price movements during the week.

Gold prices rose by 4.5% compared to the previous week with 7.1 tonnes growth in net speculative volume.

Gold liquidation continued with a slower rate for the third week. Still, speculative shorts remained above the 5-years average, and longs remained low for this week.

Gold ETFs continued the selling streak for the 12th week, which poses a threat for the gold bulls.

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