#XAUUSD @ 1667.48 Gold Price Forecast: volte-face does not go unnoticed – SocGen
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Gold price gained 6.0% in the week ending 4 October as macro drivers excite large short covering, strategists at Société Générale report.
“Gold experienced strong short covering of $4.7bn, the third largest figure since the data started being collected in 2006. This reversed a seven-week trend, initiated on 10 August, that saw gold’s total bearish flow reach $14.4bn.”
“The DXY index fell 3.5%, while the US 10y real yield lost 22 bps, albeit the decrease in the latter was not linear. This made the precious metal cheaper to foreign investors and more appealing than income-generating assets such as Treasuries, hence increasing demand and prices.”
“Geopolitical concerns surrounding the conflict in Ukraine and the destructive impact on economies of the high interest rate environment may have provided additional support for gold.”
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