Joe Cavatoni, senior market strategist, Americas, on the World Gold Council, spoke to the Investing Information Community about Q3 gold demand developments and outlined what may drive the metallic heading into the top of 2024.
Referring to the World Gold Council’s newest report, he highlighted the return of western exchange-traded fund buyers. With rates of interest on the decline and geopolitical turmoil nonetheless sturdy, they have been extra keen to purchase.
“Total holdings of gold in funding portfolios has been steady, however really including to gold allocations has required that chance value, or that carrying value, to come back down for the investor within the western market, and that is what we’re beginning to see,” Cavatoni defined throughout the interview.
Cavatoni additionally spoke about how the upcoming US election could influence gold, in addition to different segments of demand for the yellow metallic, together with bar and coin demand, jewellery demand and expertise demand.
“The place the election can have influence (for gold) is on how insurance policies will develop,” he mentioned.
“That tends to indicate up six months or so publish an election end result when insurance policies might be mentioned, clarified and probably begin to be applied. That is why we predict that six months into the election end result is when you are going to begin to see extra of an impact on the gold value,” Cavatoni mentioned, including that there should still be short-term volatility.
Watch the interview above for extra of his ideas on gold market developments to observe proper now.
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Securities Disclosure: I, Charlotte McLeod, maintain no direct funding curiosity in any firm talked about on this article.
Editorial Disclosure: The Investing Information Community doesn’t assure the accuracy or thoroughness of the knowledge reported within the interviews it conducts. The opinions expressed in these interviews don’t mirror the opinions of the Investing Information Community and don’t represent funding recommendation. All readers are inspired to carry out their very own due diligence.
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