Gold has also benefited from the dollar’s slack performance this year. Most raw materials are priced in dollars and historically a strong USD has pressured commodities. The Fed is expected to raise interest rates for the first time in nine years later this month.
“Inflows into SPDR Gold Trust, the world’s largest gold-backed exchange-traded product, totaled 19.3 mt on each of Friday and Monday, the largest daily inflows since 2011, according to data released by the company,” according to Platt’s.
SPDR Gold Shares
Tom Lydon’s clients own shares of GLD.