Gold's price floor to be tested - Standard Chartered gold outlook
With February's drop of 6%, the gold market will be testing its price floor shortly, according to the latest note by Standard Chartered.
The two key drivers that gold needs to halt its selloff are robust physical demand and continued interest in the precious metal from central banks. Gold went from trading above $1,940 an ounce at the beginning of February to $1,825 an ounce, which is where April futures were last at on Monday. China's net gold imports via Hong Kong also fell 47% to 23 tonnes in January, according to Hong Kong Census and Statistics Department data.
On top of that, ETF outflows have continued to weigh on the gold market, especially with the European investor leading the way.
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