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Gold sentiment positive despite drifting price

Peter Walden, News Editor
20 Aug 2014, 1:15 p.m.

Despite gold trading in a tight price band near the psychologically important $1,300 t/oz level and silver falling below $20 t/oz, precious metals investors have continued to add to holdings. The total holdings in exchange traded products (ETFs) saw a modest rise last week with 2 tonnes of gold and 19 tonnes of silver flowing back into ETFs, bringing the total ETF gold and silver holdings to 1,728.1 tonnes and 19,616 tonnes respectively.

Retailer investor sentiment was lifted on Friday when Q2 results from hedge fund managers John Paulson and George Soros pointed towards positive prospects for the sector. July recorded the highest inflows for many gold-backed funds since November 2012 and the first monthly net inflow for months.

Gold is currently trading at £778.32 t/oz, silver at £11.716 t/oz and platinum at £859.99 t/oz.

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