Gold Price Forecast: Gold Rises by 8,334 lots in Bearish Condition

Gold Price Forecast: Speculators turned bearish in COMEX gold (Yellow Metal) last week by 8,334 lots, taking their net short positions to a new 3-year high of 41,300 lots as of September 27. Meanwhile, investors continued to liquidate their gold holdings during the past week with total known ETF holdings falling by 1.1m oz. ETF gold holdings declined by about 2.8m oz during September and by about 7.3m oz in the third quarter.

  • Gold price is turning south once again after facing rejection at higher levels.
  • The metal is defending gains amid a broadly weaker US dollar, risk-aversion.
  • Gold (Yellow Metal) battle lines are well-defined around $1,660 ahead of key US events.

Investor demand for gold has declined significantly over the past few months due to rising interest rates, although physical demand from both central banks and retail consumers remains good.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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