The U.S. Comex gold futures rose 1.02% last week and stabilized at around $1,197 level on Tuesday. Year-to-date, the gold futures have fallen 0.43% while the Dollar Index has risen almost ten percent.
The SPDR Gold Trust holdings have declined about 20 metric tons this month and almost 80 tonnes this year. The gold exports from Switzerland have jumped 13% to 192.8 tonnes in October.
After rising above $1,200 on Tuesday, the U.S. Comex gold futures finished at $1,197.10, rising 0.97% this week and climbing 1.35% last week.
Gold prices did not do much of anything on Monday to begin the new trading week. This likely comes as a bit of a disappointment to the gold bulls who were probably looking for some meaningful follow through after Friday's gains.
The World Gold Council (WGC) reported that the global gold demand declined about two percent year-on-year to 929 tonnes in Q3 while the total supply also dropped seven percent mainly due to the fall in recycling.