Investors hold back, leaving the yellow metal trading in a narrow range
Gold granulate is seen at a plant of gold refiner and bar manufacturer Valcambi in the southern Swiss town of Balerna. Picture: REUTERS/MICHAEL BUHOLZER
“The only reason prices have not risen is because the investment demand for gold is not there,” said Jigar Trivedi, a commodities analyst at Mumbai-based Anand Rathi Shares & Stock Brokers. Holdings of the world’s largest gold-backed ETF, SPDR Gold Trust, fell 0.7% to 889.16 tons on Monday, their lowest since September 19. Speculators also cut their bullish positions in Comex gold in the week to November 26, data showed on Monday.
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