Gold Spot Price Surpasses $4,695, ETF Sees Inflow of 28 Tons

The gold spot price rose by 1% on the 24th, reaching $4,695.31 per ounce. The weakening of the US dollar, changes in long-term Treasury supply, and inflows into gold ETFs are contributing to the gold rally. According to CryptoBriefing, the gold spot price has reached a high not seen in about 15 weeks, with an intraday peak of $4,738 per ounce. The weekly increase has exceeded 5%. The US Treasury has expanded its buyback of long-term bonds to $4 billion per transaction, increasing demand for bond purchases. The weakness of the dollar is also positively impacting gold prices, and gold-based ETFs absorbed more than 28 tons of gold over the week. This amounts to approximately $6.4 billion, with central bank purchases continuing as well. The one-year increase in gold prices is analyzed to be between 38% and 40%, reflecting the impact of the dollar, interest rates, and central bank demand. Market participants are paying attention to US inflation indicators and comments from Federal Reserve officials.

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