Bank of Nova Scotia(Scotia Bank) believes that the recent weak performance of gold is due to market sentiment rather than reality, and short-term fluctuations in gold prices are not important.

The recent selling pressure in the ① gold market reflects the market's perception of reality, not the risk from the foreign exchange market, which is driving the rise of the dollar.

The ② bank said that the fundamentals of the gold market in the medium term are still relatively good, especially the Fed's attitude towards higher inflation, which will put pressure on real interest rates.

In the week of ③, silver long positions in COMEX fell by 1700 to 61547 hands, while short positions increased by 1070 to 25052 hands, while net long positions fell to 36495 hands, down 7% from the previous month. The price of silver fell nearly 15% over the same period.