Standard Chartered's Cooper predicts steady demand for gold

Standard Chartered reports gold's net length now stands at 136,726 contracts, in line with July's sideways trend.

As analyst Suki Cooper recently highlighted, gold's open interest showed stability in early July. This coincided with US President Donald Trump's threat to impose new tariffs on key trading partners. While tactical positioning stays bullish, it has also become a key driver of the yellow metal’s recent price action, Cooper explains.

This time, gold prices didn’t react as strongly to Trump’s push for new import duties. In the current climate, the metal is attracting less safe-haven demand. But a weaker dollar should keep supporting gold. Concerns over rising US debt continue to draw investors to bullion. Along with new tariff decisions, this may sustain the metal’s market relevance. Current price levels appear solid, says Cooper.