SPDR Gold Trust ETF witnessed another week of outflows, marking its third consecutive week of net selling.
Spot gold prices on the New York market closed higher, with a gain of $19.1/oz, or 0.58%, to reach $3,325.3/oz, according to Kitco exchange data. Converted at Vietcombank’s selling exchange rate, this price is equivalent to approximately 104.7 million VND per tael, an increase of 1.1 million VND from the previous day’s morning session. During the session, gold prices dipped as low as $3,273/oz.
On COMEX, gold futures climbed by 1.1%, settling at $3,344/oz.
For the week, spot gold prices rose by 2.6%, and the converted spot gold price increased by 2.5 million VND per tael. The predominant trend for gold prices during the week was volatility within a broad range around the $3,300/oz level.
According to Vietcombank’s website, the bank’s USD buying and selling rates for the week ended at VND 25,750 (buying) and VND 26,140 (selling), respectively.
Gold prices rose in the week’s final session as the Dollar Index, measuring the strength of the US dollar, fell by over 0.2%, settling at 100.42 points. For the week, the index gained nearly 0.4%, as reported by MarketWatch.
The easing of trade tensions this week dampened global investors’ risk hedging demand for gold. Additionally, the US Federal Reserve’s cautious stance on interest rate cuts did not bode well for gold prices, as it is a non-interest-bearing asset.
US-China trade negotiations are set to officially commence on Saturday in Geneva, Switzerland, two days after the US and the UK announced a framework trade deal. Investors are hopeful that these developments will lead to more agreements. However, the base retaliatory tariffs of 10% that the US maintains on UK goods post-deal seem to be the minimum applied globally.
“There are many trade deals to be made, all great ones,” Trump wrote on the Truth Social media network a day after announcing the UK deal. This is the first agreement reached between the US and a trading partner since Trump unveiled his tariff plans in early April.
In another Truth Social post, Trump wrote that “80% tariffs on China sound about right.”
Analysts suggest that as long as the US-China trade negotiations remain inconclusive, the demand for gold as a risk hedge will not diminish significantly. However, the likelihood of gold reaching new highs in the short term is low.
“Clearly, the ongoing uncertainty regarding tariffs will remain the most crucial factor supporting gold prices,” said David Meger, director of metal trading at High Ridge Futures, in a statement to Reuters. “However, gold’s allure isn’t what it used to be in the past few months. The market could be entering a phase of accumulation or weakening.”
In the physical gold market in Asia, demand in India waned this week, leading to local gold shops offering retail prices lower than the official rate. India’s official gold price is calculated based on the international spot gold price plus import and consumption taxes.
In contrast, gold buying in China picked up after the Labor Day holiday.
According to a well-informed source who spoke to Reuters this week, the People’s Bank of China (PBOC) has authorized commercial banks to purchase USD to import additional gold. Last month, PBOC allocated new gold import quotas to these banks, and now it is allowing them to buy USD to facilitate gold imports under the new quotas.
According to the source, this move serves a dual purpose: meeting the rising domestic gold demand and curbing the renminbi’s appreciation trend.
The world’s largest gold ETF, SPDR Gold Trust, sold 1.8 tons of gold on Friday, reducing its holdings to 937.9 tons. For the week, the fund sold 6.4 tons of gold, marking its third consecutive week of net selling.
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