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Gold Market Shift: Funds Buy, Banks Sell
A recent study indicates that the gold market in 2026 is experiencing a significant shift, with financial funds and managed assets actively buying while banks and market makers dominate selling and hedging operations. Purchase positions have increased, and most of the sell positions are now centered among banks using futures contracts for hedging. The study also reveals that gold prices are heavily influenced by changes in flows and positions, while fundamental factors and U.S. monetary outlooks play a secondary role. The market's value has reached approximately 40.6 million ounces, a decline of 8.2 million ounces from the start of the year, with the price per ounce fluctuating between $3,959 and $5,595. The study projects that continued price rises depend on new inflows and absorbing sell positions, with the $4,750 level serving as a pivotal point between accumulation and distribution.
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