Gold Market May See Further ETF Redemptions as Prices Turn Negative for the Year, Says Standard Chartered’s Cooper

Gold prices have slipped into negative territory for the year, last trading at $4,221.10 an ounce after a nearly 1% daily decline. The metal is now down more than 2% year-to-date and has lost over 5% since breaking below the 200-day moving average on Friday. Suki Cooper of Standard Chartered warns that ETF redemptions could intensify as investors exit loss-making positions. She notes gold is again tracking rising real yields driven by expectations of a Fed rate hike this year. Cooper highlighted that at least 270 tonnes of ETP holdings are underwater at recent lows, potentially rising to 298 tonnes if prices reach $4,000. Key support levels sit near $4,250 and then $4,100, though she remains constructive on gold over the medium term despite dollar strength.