Commerzbank AG analyst Carsten Fritsch, said in a note Monday, gold has entered a phase of consolidation, as investors take cues from the ETF demand.
Key quotes
“Gold is continuing to consolidate following its rapid rise until the start of August.”
‘This can also be seen in the wait-and-see attitude of ETF investors. The gold price is likely to find it hard to make further gains without any impetus in the form of ETF demand.”
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