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source: market information

source: huitong.com

daniel ghali, a commodities analyst at td securities, said that although the market showed overbought conditions and asian demand dried up, the increasing possibility of direct military confrontation between iran and israel drove safe-haven funds into gold.

ghali said in a research note, "gold selling activity was somewhat limited, but top traders still liquidated nearly 5 tons of nominal gold positions last week, which contrasted with western investor sentiment. our view on macro fund positions interpretation remains at levels not seen since july 2016’s brexit referendum; releveraging from risk parity funds and volatility target funds supports re-accumulation of ctas and prices continue to rise unchallenged.”

interest in the u.s. and europe is driven primarily by concerns about inflation and currency devaluation, ghali said.

he said: "for western investors, concerns around monetary inflation are intensifying as participants believe the fed's reaction function is asymmetric, while by many indicators the u.s. economy is still doing well. we expect monetary policy to be more prudent normalization to challenge bloated positioning, as aggressive global easing similar to current market expectations typically occurs in response to deteriorating economic or financial conditions."