World Gold Council: Gold prices may ignore signals from the US bond market, and in the coming weeks, they may continue...

worldgoldAssociation（WGC）A new assessment shows that gold prices may ignore signals from the bond market and rise in the coming weeks. analystJeremy De pessemerIn a new monthly research report, it is stated that the recent increase in long-term US bond yields relative to short-term US bond yields typically supports the view that the US economy is entering a new stage of growth. This trend is usually unfavorable for gold prices, as they often perform poorly during periods when investors seek risk, which typically occurs at the beginning of a positive economic growth cycle.

　　8Spot gold prices decline in the month1.0%This indicates that precious metals are indeed following the trend of bonds, and anecdotal evidence suggests that retail investors have joined the ranks of institutions selling gold.

London Gold Bar CompanyAuronumIn a recent report, it was stated that:“2023At the end of the summer, we just noticed the seller returning to the market, asking us to replenish our depleted gold inventory

ButDe PessemierGold may benefit, as there is a possibility that signals from the bond market are being misunderstood.

The recent "bearish steepening" of bond yield curves is usually related to the rise of the stock market and the fall of gold prices, but the stock market has been declining in recent weeks.

　　De Pessemierexpress,10The increase in the yield of one-year bonds may therefore reflect an increase in market risk premium, and the market is becoming more cautious, which is usually beneficial for gold's safe haven position. He said: "The shift in the notion of 'longer and higher interest rates', the rise in supply and demand forces, and risk premiums may be the reasons behind this trend. He added, "If gold prices continue to rise, the latter factor may begin to provide support for gold prices. Especially considering the increasing evidence that the US economy is significantly slowing down." Gold investors will first notice that the US7Monthly employment data in8The month has been revised again, which has become a pattern in recent months. This is a sign that the US job market may not be as strong as initially hoped. Any sign of economic weakness is interpreted as a potential indicator that policymakers will slow down the pace of interest rate hikes. The expectation of suspending interest rate hikes or cuts is expected to weigh on the US dollar and support gold prices.

The World Gold Council report states that,8Monthly Global GoldETFRecurring monthly capital outflows and a decrease in total asset management scale30100 million US dollars（46Tons, most of which come from funds listed in the United States.

　　COMEXThe net long position of managed funds has decreased to5Month low, month end181Tons. The daily trading volume of over-the-counter trading remains at1430USD100mn/The height of the sky.

Spot Gold Daily Chart Beijing Time9month7day14：55Spot Gold Report1918：36dollar/ounce