Metals Focus analyst remains firmly bullish on gold: it is consolidating rather than turning bearish, with a floor near $4,000.

Zhitong Finance APP has learned that after gold's correction earlier this year, it has been unable to sustain its rally. Matthew Piggott, head of gold and silver business at Metals Focus, said in an interview on Monday that this reflects competition for investment funds rather than a fundamental deterioration in gold's long-term outlook. Piggott said that whenever the gold price falls toward $4,000/oz, institutional investors continue to return to the gold market, "so we have something of a floor, and central banks are also a very big part of that."