Gold has been virtually unable to recover from its setback. Economists at Commerzbank expect the yellow metal to struggle for the time being.

Previously very optimistic investors more cautious

“Gold lacks the strength to match the correction. The extent to which speculative investors are to blame for this, having previously topped up their net long positions noticeably, remains to be seen.”

“The CFTC has still not published any data following the cyberattack. However, we have pointed out repeatedly that there is a lack of support from ETF investors with a more long-term investment horizon. This would probably require more clarity about the future course of US monetary policy.”