Gold Holds Steady After Hitting One Week High

Published on Dec 09, 2021 10:56

Gold futures edged up as ETF buying returned to support the market. COMEX Gold futures hit a one week high of $1794 per ounce before easing. The metal currently trades down 0.12% at $1783 per ounce. A choppy undertone in Asian equities is likely to support Gold at lower end today. The World Gold Council (WGC) noted in a latest update that Gold-backed ETFs (gold ETFs) experienced net inflows of 13.6 tonnes (t) (US$838mn, 0.4% AUM) in November, the first month of positive flows since July. Inflows into North America and Europe well exceeded outflows from Asia, which saw negative flows for the first time since May. Global gold ETF holdings rebounded from year-to-date lows, increasing to 3,578t (US$208bn) as investment demand for larger gold ETFs returned amid decades-high inflation and heightened market volatility.