Gold Prices Soar as North America's Absence Looms Large

Gold prices have surpassed $4,400 an ounce, and analysts say North American investors' return to the gold market could fuel further gains. According to Business Insider, spot gold prices reached around $4,400 an ounce on a given day, up about 9% this month alone.

Last month, global gold ETFs saw a net inflow of $3 billion, ending two consecutive months of outflows. European and Asian investors led the buying spree, with $2 billion flowing into European gold ETFs and $616 million entering Asian gold ETFs. However, North American investors' movements remain insignificant, with only a $71 million net inflow.

Ole Hansen, a raw material strategist at Saxobank, noted that demand for gold is spreading to various regions, including the US and Europe, where investors have begun to return to the market cautiously. Analysts say steady demand from central banks and Asian investors supported lower gold prices even when asset managers in North America and Europe reduced their share of gold investment.