Gold ETFs may see some uptrend on decent Indian buying on Diwali. Though demand may fall year over year on higher prices, festivities could perk up near-term demand.
Citi believes gold prices may shoot up to $2,000 an ounce in the near term. Play these ETFs if you want to follow Citigroup.
Global investors poured in about $2.6 billion into gold-backed ETFs in July - the highest monthly investment since March 2013.
Gold ETFs set to surge higher irrespective of Fed rate cuts due to higher uncertainty and rising geopolitical tensions.
Investors who are bullish on gold right now may want to consider a near-term long on the precious metal.