Gold ETF holdings are rapidly increasing, and the price of gold is expected to welcome an "eight-week consecutive rise".

Driven by geopolitical and trade tensions, the safe-haven demand continues to increase, and gold is expected to rise for an eighth consecutive week. At the same time, the rapidly rising holdings of gold-backed exchange-traded funds (ETFs) have become a major bright spot in the market. On Friday, the price of gold briefly fell below $2928 per ounce, but still rose over 1% for the week. If it achieves an eighth consecutive week of gains, it would be the longest rising streak since 2020. Bloomberg data shows that global gold ETF holdings have soared to their highest level since January 2024, increasing by over 16 tons so far this week, potentially marking the largest weekly inflow since 2023. On Thursday, concerns in the market rose as President Donald Trump may withdraw support for Ukraine, causing the price of gold to reach new highs. The US leader is preparing to meet with Russian President Vladimir Putin to discuss a peace agreement, a move that could exclude the Ukrainian government and its European allies. After rising 27% in 2024, gold has hit numerous new highs this year, mainly due to market concerns about Trump's ongoing disruption of trade and geopolitical agendas. Goldman Sachs has raised its year-end target price for gold to $3100 per ounce this week, citing central bank buying behavior as a key driver. The fluctuation of the US dollar this week has also provided additional support for the price of gold. The index measuring the performance of the dollar has fallen for three consecutive weeks, further enhancing the attractiveness of gold to many buyers. Investors are also keeping an eye on remarks from US Treasury Secretary Scott Besen. He dismissed speculation about the government possibly revaluing gold reserves. Bloomberg reported last week that Trump's senior economic advisors did not seriously consider this idea. As of the time of writing, the spot price of gold has fallen by 0.3% to $2930.4 per ounce. Silver, palladium, and platinum prices have all seen declines.