Gold: After a torrid couple of weeks, which saw gold fall from around $1310/oz to lows below $12

Gold: After a torrid couple of weeks, which saw gold fall from around $1310/oz to lows below $1270, #gold has posted a bit of a recovery over the past three days and is now at the highs of the week.

(short thread) https://t.co/thWIorpN00

Gold: This performance is even more marked in non-USD terms; here is the #gold price in euros over the same period. https://t.co/xhncNR1oIE

Gold: This shows that in spite of the recent strength of the USD, shown here as DXY, #gold has shown some underlying resilience. https://t.co/q7T4yrlRj4

Gold: We’ve argued that recovering US equities have played a role in diminishing investors interest in #gold of late, and the S&P500 has continued to drive higher, closing in on the previous all-time high seen in September last year. https://t.co/hpQU89SbWv

Gold: the short term impetus behind #gold’s slight recovery this week may have been from a move in real rates, with US 10-year real Treasury yields off about 10bp over the past few sessions. https://t.co/z1K6kxaVeZ

Gold: But physical flows are probably helping gold too. We've hear reports from our India team that current demand is good, and this seems to be confirmed by a decent Indian gold market premium, according to data from the NCDEX. https://t.co/X5LZ1NsHxo

Gold: Premiums for the physical #gold contract on the Shanghai Gold Exchange continue to soar, partly on restricted imports, although turnover numbers are quite good too. https://t.co/CPUZCFlgVk

Gold: So, while I’m disappointed that gold couldn’t hold onto $1300/oz, I don’t think the performance has been too bad under the circumstances. Any retreat in US equities or the mighty USD could quickly see renewed investor attention to #gold.

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