Gold’s downside limited before fresh rate-hike signals, Industrial Securities says

The note's real signal is the divergence between price action and positioning: gold is being held back less by fresh bearish catalysts than by already-absorbed Fed expectations, while ETF outflows show demand is retreating rather than capitulating. That matters most for gold-backed products and funds tracking physical demand, where flows rather than spot moves are the cleaner read on sentiment. Whether outflows from Shanghai gold funds and SPDR persist once the December Fed decision passes is the open question.