Momentum in the gold price continues to build with the yellow metal climbing 1.1% in the spot market to US$1330 an ounce.
The price of an ounce is now 5.3% higher than a month ago, but down 17.8% from a year ago.
Boosting the price of bullion is demand out of China, with speculation that this will continue to grow, but there are also factors weighing on the metal such as when the U.S. Federal Reserve will begin trimming its monthly bond purchases.
Hedge funds have reduced their bullish positions, with data from the U.S. Commodity Futures Trading Commission showing that money managers have cut their net-long position by 27% to 48,103 futures and options by August 6.
Source: proactiveinvestors.com.au
The price of an ounce is now 5.3% higher than a month ago, but down 17.8% from a year ago.
Boosting the price of bullion is demand out of China, with speculation that this will continue to grow, but there are also factors weighing on the metal such as when the U.S. Federal Reserve will begin trimming its monthly bond purchases.
Hedge funds have reduced their bullish positions, with data from the U.S. Commodity Futures Trading Commission showing that money managers have cut their net-long position by 27% to 48,103 futures and options by August 6.
Source: proactiveinvestors.com.au
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