$Gold: consolidating above $1500/oz at the start of the week - last around $1502.80 following some volatility in early European trading. https://t.co/LdcEYztgbv

An early test below $1490 per ounce just after 8am London was short-lived and $ quickly bounced back above $1500/oz. https://t.co/B2RjZFNM6T

If #gold is not quite following real US interest rates tick-for-tick, then its pretty close. https://t.co/avsXD8W4ab

Another thing that stands out, however, is the COTR for Comex #gold futures positions.

This saw a large jump in net long Managed Money positions in the week to last Tuesday, which were just shy of the all-time high seen in July 2016. https://t.co/xworotX9rd

Physical demand for gold at the moment is quite weak, with the Indian discount very wide for reasons of price, the import duty hike and some seasonality. https://t.co/5g6hyV1Q12

Shanghai demand for 9999 #gold on the SGE is muted at the moment as this monthly chart shows... https://t.co/OUB1RYLgxJ

In sharp contrast to volumes in the speculative T+D contract which are already 20% higher than in July last year. https://t.co/tjaltM5gb5

In conclusion, the #gold market is in the hands of investors and speculators at the moment, with physical buyinig in important markets weaker than normal.

Elevated positioning warrants some caution here, even if economic and geopolitical factors are worrying.

We will continue to write about the #gold market in all its forms on #Goldhub and short term commentary will, as ever, feature on the #blog there.

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