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Gold Weekly Snapshot, Nov 20, 2023

Gold has been flirting again near its $2,000 Maginot line amid a sudden pullback in treasury yields and the dollar in the wake of weaker CPI data.

  • Precious metals soared on lower CPI and PPI figures raising hopes of peaking inflation.
  • Comex Gold futures ended the week 2.4% higher, gaining $47 at $1,984.7 per ounce, reversing last week slump.
  • Week-to-Week Open Interest increased by 16,456 lots or 1.63 M ounces as traders increased their long bets exposure.
  • COT report covering the week to Nov 14 showed some profit taking from the money manager (funds) category, trimming their net-long bets by 13,920 to 64,315 lots.
  • Gold options activity remains supportive for the metal

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