Related: Gold ETFs Are Entering a Seasonally Strong Period
Importantly, gold prices have recently stayed above the mid-August lows and a move further above $1,200 per ounce could trigger more buying.
“The rally came amid inflows into gold-backed exchange-traded funds, Bhar pointed out. Furthermore, he continued, there has been a pickup in gold purchases by central banks, including Hungary, Poland, India, Turkey and Mongolia, in addition to regular gold buyers Russia and Kazakhstan,” reports Kitco,
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Tom Lydon’s clients own shares of GLD.