Categories: Precious Metals
Topics: General Precious Metals

ETF investors pile in as 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.

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