Commerzbank commodity analyst Daniel Briesemann has been watching the gold markets closely for a while. In his latest note, Briesemann said that the drop in the data to be released in the US soon could lead to a rise for gold prices.
Commerzbank analyst drew attention to these developments for gold prices
Noting that surprisingly good labor market data for October was released in the US on Friday, Commerzbank analyst Daniel Briesemann said that the US labor market; thinks it can move towards full employment over the next year. cryptocoin.com As we reported last week, Fed Chairman Powell emphasized that full employment is the key criterion for the bank to raise interest rates. The gold price challenged data and the emerging US dollar, gaining a substantial 1.5 percent. “There is still work underneath,” according to the analyst.
The analyst, who said that gold was revitalized with low bond yields; He says yields on ten-year U.S. Treasuries fell to a six-week low of 1.43 percent on Friday despite strong labor market data, making gold more attractive. However, he points out that this situation is not reflected in investment demand.
ETF investors also sold their shares on Friday, and speculative financial investors did not expand their bets on rising gold prices. Net long positions in gold remained largely unchanged in the week to November 2, according to statistics from the CFTC. Unlike quiet investment demand, physical demand for gold is currently looking strong, which benefits gold, according to Breisemann.
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