COMEX Gold Hits One Week High

Published on Sep 10, 2020 11:25

Gold edged up on good investment demand hopes. The metal extended gains from two week low and hit a one week high near $1960 per ounce. Gold currently trades at $1954 per ounce, almost unchanged on the day. According to a latest update from the World Gold Council or WGC, Gold-backed ETFs and similar products (gold ETFs) recorded their ninth consecutive month of inflows in August, albeit at their slowest pace for 2020. Collectively, gold ETFs added 39 tonnes (t) during the month, equivalent to US$2.1bn or 0.9% of assets under management (AUM) as the price of gold reached a record high of US$2,067 early in August. As equities continued to climb to new all-time highs, interest rates rose and yield curves steepened, investor positioning in the gold market consolidated later in the month and the gold price ended the month slightly lower (-0.38% or US$1,957/oz) for the first time in five months. Year-to-date, global net inflows have come in at 938t (US$51.2bn). Gold also rose as late-stage studies of AstraZeneca`s Covid-19 vaccine candidate are on temporary hold. In a statement issued on Tuesday evening, the company said its standard review process triggered a pause to vaccination to allow review of safety data.