16 June 2023
Gold has formed a solid base around $1,900, displaying resilience despite a strong stock market and a strengthening U.S. dollar. There has been a small net increase in gold bullion ETF holdings, suggesting a potential catalyst for higher investment demand. Although current holdings are lower than previous highs, reaching the all-time high of $2,075 per ounce is seen as a possibility. The macroeconomic conditions remain supportive of gold in the long run.