Gold ETF holdings have rebounded since the US midterm elections, which indicates strong retail demand, which is necessary to keep the price of gold rising. Although US employment growth was unexpectedly strong in October, increasing the possibility that the Federal Reserve will raise interest rates next month, the price of gold rose more than 1% on Monday. Currently, it appears to be the fourth month showing this trend: after experiencing stagnation or decline at the end of the previous month, gold ETF holdings began to rise at the beginning of the next month. The situation in October was that after rising to the highest level since July 2022, positions were first cut earlier and then by an even greater margin. Part of the reason may be that as AI trading was lifted in the stock market and risk aversion in the US midterm elections hit, investors reduced their profitable long positions in gold to make up for losses in other sectors. If the rebound in positions is strong enough to repeat the trend from August to October, this will add momentum to the central bank's continued demand. The price of around $4,000 looks like a potential long-term low for gold, especially as uncertainty about the future of artificial intelligence persists or intensifies.

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