After spending the preceding month around $1285/oz, #gold has moved quickly higher since 31 May, currently trading around $1322/oz after approaching $1330/oz earlier today.

And this strength is not just a USD denominated #gold phenomenon: gold’s been strong in other currencies too, as this chart shows.

Inflows into #gold ETFs have also been noted, particularly yesterday, when 609koz of gold flowed into global ETFs according to Bloomberg, the biggest one-day inflow since Boxing Day 2018.

Overall flows this year have been more mixed, still fractionally down year to date: we will report our detailed analysis of ETF flows for the year to May in a day or two.

Comex position in #gold is also pretty subdued, with positioning as of Tuesday 28 May, just before the recent rally in gold, showing net long Managed Money positions of only 3.3 million ounces.

Weak equity markets have been implicated in the move into #gold, as trade tensions have escalated.

Modest strength in US equities today is probably why #gold is off its intra-day highs.

And Real US bond yields have fallen sharply over the past week and this is clearly helping #gold market sentiment.

Even the mighty USD, which has been a considerable handicap to #gold this year, has slipped somewhat, although the DXY is still very much near the top of its year’s range.

After such a strong and quick run and with the 14-day RSI approaching 70, some caution may be in order, but the deteriorating economic sentiment – triggered by US administration action and social media statements - may make investors look towards #gold with increased enthusiasm.

For data, analytics and commentary on #gold please visit #Goldhub and especially our #blog