COMEX Gold Off Three Week High

Published on Oct 12, 2020 12:11

COMEX Gold rose impressively last week. The overall undertone remains supportive and the metal edged up near a three week high of $1937 per ounce before easing a little. The metal currently trades at $1933 per ounce, up 0.38% on the day. ETF demand remains high and US stimulus talks is also supporting the metal. According to a latest report from the World Gold Council (WGC), total ETF holdings worldwide rose for the tenth consecutive month in September, crossing the 1,000-tonne mark for the first time in a calendar year. In September, gold ETF holdings increased by 68.1 tonnes ($4.6 billion) ? or 2% of assets under management (AUM). Global net inflows of 1,003 tonnes ($55.7 billion) in 2020 have pushed the gold ETF holdings universe to a fresh new all-time high of 3,880 tonnes so far.