COMEX Gold Wavers Under $1800 Mark

Published on Oct 29, 2021 13:21

The COMEX Gold futures are consolidating just under $1800 per ounce mark as weakness in the US dollar is capping downside for the metal. The overall demand worries prevented the metal from holding ground yesterday as the World Gold Council (WGC) stated in its latest Gold Demand Trends update that global Gold demand fell 7% y-o-y to 831 tonnes (t) in Q3. ETF outflows outweighed continued strong recovery in other sectors of demand. At 443t, however, demand remained below pre-COVID levels. The modest outflows were in sharp contrast to sizable Q3`20 inflows. Year-to-date, gold demand is 9% lower, according to WGC. The sluggishness in demand capped buying in the metal though a deep slide in the US dollar index, which tested around one month low, prevented a major downswing in Gold. The commodity currently trades down 0.30% at $1798 per ounce.