On November 4, the latest data showed that total demand for the third quarter stood at 1,369 tonnes, bringing the cumulative total to 3,881 tonnes.
MHMarkets noted that this provides a new factual basis for observing gold demand and has shifted short-term trading focus toward data details.
ETF inflows of 211 tonnes, a pullback in bar and coin demand, and higher mine output alongside lower recycling on the supply side are the transmission links MHMarkets is currently watching.
Changes in expectations are usually reflected first in quotes and transactions, and then gradually influence broader market judgments.
The steadiness of total demand does not mean all component parts are expanding in sync. ETF flows, bar and coin consumption, jewelry demand, and mine supply each have their own rhythm, and observing marginal changes in the components reflects the structure better than only looking at total tonnage.
Market participants will also compare pricing changes across different tenors, avoiding reliance on a single point in time.
At the same time, the release timing and statistical scope of public data also deserve scrutiny.
This also means that changes in risk appetite may cause short-term reactions to exceed the pace of fundamentals.
When trading is thin or news is dense, price deviations often take more time to correct.
Market participants will also compare pricing changes across different tenors, avoiding reliance on a single point in time.
At the same time, the release timing and statistical scope of public data also deserve scrutiny.
This also means that changes in risk appetite may cause short-term reactions to exceed the pace of fundamentals.
When trading is thin or news is dense, price deviations often take more time to correct.
Market participants will also compare pricing changes across different tenors, avoiding reliance on a single point in time.
At the same time, the release timing and statistical scope of public data also deserve scrutiny.
This also means that changes in risk appetite may cause short-term reactions to exceed the pace of fundamentals.
When trading is thin or news is dense, price deviations often take more time to correct.
Market participants will also compare pricing changes across different tenors, avoiding reliance on a single point in time.
MHMarkets later mentioned that investors can continue to watch whether investment flows and physical consumption can improve at the same time.
If the indicators change consistently, it will be more helpful in judging the short-term pressure direction for gold demand.
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