Buzinvestors gold price falls Gold is trading at $1258.90 per ounce at 09:40 GMT this morning, 0.18% lower from the New York close.
gold price falls On Monday gold staged a bit of a comeback with December futures trading on the Comex market in New York exchanging hands at $1,265.20 an ounce in European trade, up more than $13 from Friday’s close.
Gold has been on the defensive since last Tuesday when heavy selling saw it crash through $1,300 an ounce to a level last seen before the Brexit vote gave it a new leg up. For the week gold lost more than 5% with Friday US jobs numbers pushing the metal below $1,250 for the first time since the beginning of June.
Gold’s weakness gave investors in top physical gold-backed exchange traded fund – SPDR Gold Shares (NYSEARCA: GLD) – an excuse to top up on their holdings. On Friday, investors bought 11.3 tonnes of gold swelling GLD vaults to 958.9 tonnes or 30.8 million ounces.
GLD dwarfs other physically-backed gold ETFs holding more than 45% of the global total and after a few dismal years, GLD rise in assets under management in 2016 surpassed the banner years of 2009 and 2010 when investors caught in the global financial crisis and spooked by quantitative easing piled into GLClick here for reuse options!