Gold Holds $4,400 as Copper Nears Record on Grasberg Outage
Gold is going nowhere fast at $4,408.04/oz, essentially flat on the day, and that pause is the tell. The metal is up 32.15% year over year and 8.73% over the past month, consolidating from strength rather than exhaustion. World Gold Council data puts Q2 central-bank purchases at a record 288.9 tonnes, the kind of reserve-diversification demand that doesn't chase headlines. The risk here sits in the futures pit, not the vault.
Key Takeaways Gold spot held $4,408.04/oz on August 13, flat on the day but up 32.15% year over year, per Trading Economics. CFTC data shows Managed Money net-long gold positioning jumped 10,971 contracts in the week to August 4, to 130,766, a crowded-long watch level. C…
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