Gold: Logistical issues interrupting physical supply – ANZ

The gold price retreated to USD1,614/oz after Tuesday’s gains as the softer US dollar failed to push the prices higher, strategists at ANZ Bank apprise.

Key quotes

“The Comex gold futures premium over London spot tumbled from USD60/oz to USD15/oz on Wednesday.”

“Logistical issues due lockdowns are interrupting the physical supply availability of gold. Refiners are finding it difficult to procure gold; this could lead to plant shut downs.”