Gold back above $4100 per ounce mark

COMEX Gold futures gained steadily today as hopes of decent fund buying supported the metal. World Gold Council or WGC stated in a latest update that global gold ETFs continued to expand, adding US$2.7 billion or bn in October, led by European funds. Global gold ETF holdings rose 19 tonnes (t) to 4,275t, but their AUM fell 6% to US$542 bn due to the lower gold price in the month. European funds led the charge with sizable inflows. During the first ten months of the year, global gold ETFs added US$41bn, the third strongest on record, and their holdings rose by 246t. The metal also eyed good demand in Indian retail market after spot prices fell near one year low. COMEX Gold futures are trading at $4103 per ounce, up 0.79% on the day.

Powered by Commodity Insights