SPDR Gold Shares (GLD) News Today

SPDR Gold Shares (GLD) has edged higher today as safe-haven inflows have offset technical and demand headwinds. Investors are balancing economic data, Fed anticipation, and shifting commodity sentiment when positioning in gold ETFs.

Key factors influencing GLD’s movement:

• U.S. housing starts plunged 9.8% in May, boosting gold’s appeal as a refuge.
• Weekly jobless claims remain elevated, underpinning demand for safe-haven assets.
• Central banks are increasing gold reserves to diversify away from the U.S. dollar.
• Gold has been a crowded trade for a third consecutive month, though Bank of America sees a path to $4,000/oz.
• Analysts expect rangebound trading ahead of the FOMC decision, with key resistance near $3,450.
• Silver’s strong rally—outperforming gold by roughly 2:1—has drawn some investor attention away.
• Profit-taking has weighed on gold after recent multi-year highs in silver and gold.
• China’s consumer demand for gold cooled in May, signaling softer global consumption.
• Citi warns gold could fall below $3,000/oz by early next year if investment demand wanes.