Gold ETF Under Pressure as Futures Fall Under $5,000 and Silver Drops to $74.24
Gold futures slipped below $5,000 and silver tumbled to $74.24 an ounce during the Lunar New Year holiday as Asian demand waned. A Bank of America survey shows the most bearish dollar positioning in 14 years, heightening potential rebound risks even as gold support holds near $4,860.
1. Demand Weakness During Lunar New Year
Gold futures slipped below the $5,000 level on the first trading day of the Lunar New Year holiday, while silver fell to $74.24 an ounce as major Asian markets were closed and household buying paused.
2. Analyst Support Levels and Momentum Signals
Analyst commentary highlights critical support for gold near $4,860 with a further floor at $4,670, and warns that silver’s lower highs may push prices toward $70 if momentum fails to recover.
3. ETF Performance and Historical Rally
The SPDR Gold Shares ETF has gained over 175% since October 2023, outpacing major equity benchmarks, but this pullback tests investor conviction after a prolonged bull run.
4. Dollar Positioning and Rebound Risks
A Bank of America survey of 42 fund managers shows the most bearish dollar stance in 14 years, suggesting that any dollar rallies could intensify selling pressure on gold and other commodities.