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Gold Sees Steady Gains

Published on Dec 11, 2020 12:17

COMEX Gold futures saw some bargain buying yesterday after the massive fall on Wednesday. Gold eased as a slide from three week highs extended amid broad dollar index recovery and profit selling pressure. According to new World Gold Council data, in November, gold-backed ETFs and similar products (gold ETFs) recorded their first net outflows in 12 months and second largest monthly outflows ever. COMEX Gold tanked more than 2% to approach $1830 per ounce as the US dollar index moved up above 91 mark. Gold ETF holdings decreased by 107 t during the month - US$6.8 billion or 2.9% of assets under management (AUM). Total global holdings are now at 3793 t or US$215 billion. COMEX Gold saw support coming in as the European Central Bank announced a fresh round of stimulus in the form of more asset purchases and ultra-cheap loans to banks. The commodity currently trades at $1840 per ounce, up 0.18% on the day.

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