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Gold slips to three week low
11-Nov-19   09:09 Hrs IST

COMEX Gold slipped to a three month low of $1460 per ounce last week as rising risk appetite weighed on the yellow metal. Traders also eyed at steady mining supplies. Weak Indian demand trends and a slide under $1500 per ounce hurt the metal further. Global Gold demand grew modestly to 1,107.9 tonnes in Q3 thanks to the largest ETF inflows since Q1 2016, the World Gold Council (WGC) noted in a latest update. A surge in ETF inflows outweighed weakness elsewhere in the market to nudge gold demand 3% higher in Q3. Holdings in global gold-backed ETFs hit a new all-time high of 2,855.3 tonnes in Q3. Holdings grew by 258.2 tonnes during the quarter, the highest level of quarterly inflows since Q1 2016. However, global Gold Jewellery demand was down 16% to 460.9 tonnes in Q3. Bar and coin investment also halved in Q3 to 150.3 tonnes. Global Gold supply rose 4% in Q3 to 1,222.3t. Mine production of 877.8 tonnes was virtually unchanged y-o-y.

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