Gold Slides As The Dollar And Risk Appetite Rises Ahead Of Jackson Hole Symposium

In another headwind for gold, the IMF will distribute around $650 billion to its members to provide additional liquidity for the global economy. Recipients can use the allocation to support their economies and step up the fight against COVID-19. Managing Director Kristalina Georgieva said they encourage rich countries to channel their allocations to poorer countries through the IMF’s Poverty Reduction and Growth Trust.

In a related development, the holdings of the largest gold-backed exchange-traded fund in the world, SPDR Gold Trust (GLD), fell 0.2% from 1,066.66 tons on Monday to 1004.63 tons on Tuesday.

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