COMEX Gold Sees Bargain Buying

Published on Dec 14, 2020 12:53

COMEX Gold futures saw some bargain buying last week. 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. 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 witnessed steady upmove after testing near $1830 per ounce. COMEX Gold also 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 metal ended around $1844 per ounce.