According to BlockBeats, on May 9, spot gold rebounded to $4,764.73 per ounce, up 2.15% weekly, as market expectations for U.S.-Iran negotiations progress amid a 70-day-long Strait of Hormuz blockade.
Global capital continued flowing into gold assets. The World Gold Council reported that global physical gold ETFs saw net inflows of $6.6 billion in April, ending previous outflows, while Asian gold ETFs achieved net inflows for eight consecutive months. China’s central bank added 260,000 ounces in April, marking the 18th consecutive month of purchases. Major institutions remain bullish; Goldman Sachs projects year-end gold prices at $5,400 per ounce, UBS at $5,900, and Bank of America maintains a $6,000 target for the next 12 months.
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