Perth Mint Physical Gold ETF Buoyed by $4,667/Oz Gold and $15B Central Bank Trade
AAAU’s underlying gold price rose to $4,667 per ounce after the ISM Services PMI fell to 54 in March, while silver dipped marginally and technical buying drove gains. The Bank of France’s sale and repurchase of 129 tonnes of gold generated a $15 billion profit, underscoring central bank demand.
1. Gold Price Drivers
Gold price firmed to $4,667 per ounce on April 6 after the ISM Services PMI fell to 54 in March, reflecting slowing service-sector growth that boosted safe-haven demand. Active technical buying at key support levels also contributed to the uptick, enhancing AAAU’s net asset value.
2. Silver Performance
Silver dipped marginally as traders favored gold’s defensive properties, with prices edging down following mixed economic data. This outperformance of gold over silver may widen AAAU’s premium dynamics and influence rebalancing flows.
3. Central Bank Transaction Impact
The Bank of France’s sale and repurchase of 129 tonnes of gold generated a $15 billion profit, underscoring renewed central bank engagement in gold markets. Such large-scale transactions can tighten global supply and potentially benefit AAAU’s long-term holdings.