Key Points
(Reuters) Gold dipped on Friday as the dollar strengthened, but was on track for a weekly gain after rallying to a record high in the previous session in the wake of the U.S. Federal Reserves rate cut plans...
Prices hit a record high on Thursday after the Federal Reserve indicated it still intended to cut rates three times this year...
But as long as we have lower real rates, continued central bank buying along with retail demand and political hedging, the depth of the correction (in gold) is limited, said Phillip Streible, chief market strategist at Blue Line Futures in Chicago...
Investment flows into gold hit their highest in almost a year in the week to Wednesday, Bank of America Global Research said...
However, the set-up in gold has deteriorated, with CTAs now max long, macro traders positioned in line with rates market pricing, and Shanghai traders paring back their purchases following their epic buying activity over the last months, TD Securities said in a note...
