Gold funds receive largest weekly inflow on record

🗝️ Key Points

• Gold funds received their largest weekly inflow on record in the week to Wednesday, according to the latest data from Bank of America (BofA) Global Research.
• Bullion prices hit a record high of $4,381.21 per ounce on Monday, more than 60% higher than at the start of this year before paring back, and gold funds saw inflows of $8.7bn.
• This puts the inflows over the last four months at $50bn.

Gold funds received their largest weekly inflow on record in the week to Wednesday, according to the latest data from Bank of America (BofA) Global Research.

Bullion prices hit a record high of $4,381.21 per ounce on Monday, more than 60% higher than at the start of this year before paring back, and gold funds saw inflows of $8.7bn in the week, according to BofA. This puts the inflows over the last four months at $50bn.

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Gold (GC=F) is currently trading around $4,070 per ounce, down 1.8% on the day, but analysts have said despite the short-term correction, structural demand from central banks, de-dollarisation and ongoing geopolitical uncertainty will continue to push gold higher.

Russell Shor, senior market analyst at Tradu, said: “Gold’s (GC=F) rally shows no signs of exhaustion, supported by structural demand from central banks and ongoing geopolitical uncertainty. Even if short-term corrections emerge, the broader trend remains firmly upward, underpinned by strong fundamentals.”

“As de-dollarisation accelerates and global risks persist, investors are likely to continue viewing gold (GC=F) as both a hedge and a strategic asset.”

“With official sector buying anchoring the market, any pullbacks may offer renewed opportunity. For now, the path of least resistance for gold (GC=F) still points higher.”

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Concerns over the impact of new US sanctions on Russian oil saw Brent crude post its largest two-day jump since 2022 on Thursday, which led to a sizeable sell-off in government bonds.

Oil (BZ=F, CL=F) is now on track for its biggest weekly gain since June, despite a 0.3% dip on Friday, after the sanctions upended the market and raised the prospect for supply disruptions and greater demand for alternative grades.

Brent (BZ=F) traded near $65 a barrel on Friday, up just under 7% for the week, while West Texas Intermediate (CL=F) was below $62.

Reports yesterday pointed to initial disruption, with Bloomberg stating that Chinese state oil (BZ=F, CL=F) majors have suspended seaborne Russian oil purchases due to concerns about Western sanctions. Meanwhile Reuters reported that Indian refiners are poised to sharply cut imports of Russian oil .

The EU also approved its new Russia sanctions package, which targets some Chinese entities for buying Russian oil (BZ=F, CL=F) and tightens restrictions on transactions with Russia’s largest state-owned oil producers.

In response to the new US sanctions, Russia’s President Putin downplayed the impact on Russia’s economy and criticised the impact on global energy markets but suggested that his meeting with Trump was delayed rather than cancelled.

“Key over coming weeks will be what happens to shipping activity data, and if we do see signs of a sudden halt or sharp slowdown for Russian exports, we can certainly see another leg higher,” Robert Rennie, head of commodity and carbon research at Westpac Banking Corp, said.

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The pound was hovering around the flatline on Friday at $1.3320 ahead of today’s delayed September CPI print and after UK retail sales volumes rose for the fourth month in a row.

According to new data from the Office for National Statistics (ONS) this morning, it revealed a 0.5% increase in sales volumes in September, and a 1.5% rise compared to the previous year. Economists had expected a 0.2% monthly drop.

The ONS reported that sales grew strongly at non-food stores, including computer and telecommunications retailers.

Tech sales were boosted over the summer by the launch of Nintendo’s long-awaited Switch 2 console and Apple’s iPhone 17, and within non-store retailing, online jewellers reported strong demand for gold (GC=F) as its price rose to record highs this year.

Overall, sales volumes hit to their highest level since 2022 in September, although they are still 1.6% below their levels in February 2020 before the first COVID-19 lockdown.

Meanwhile, the amount spent online between July and September was 3.5% higher than the previous quarter and 5% higher than the same period last year.

The US dollar index (DX-Y.NYB), which measures the greenback against a basket of six currencies, was higher, up 0.1% to 99.04.

The euro also weakened against the dollar (EURUSD=X), sinking 0.1% to $1.1608.

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