GOLD PRICE NEWS – Gold prices traded near unchanged early Monday morning as the price of gold changed hands at $1,577 per ounce. Significant redemptions in gold exchange-traded funds over the past month have led to selling pressure on gold. According to the research team at CIBC World Markets, there has been over 3 million ounces in outflows in 2013. CIBC did note that last week’s CFTC Commitment of Traders report revealed an increase in the net long position in gold futures and options.
Scotia Mocatta’s Simon Weeks highlighted the fact that gold demand out of China has been remarkably steady. Weeks noted that while ETF inventories have been under pressure, China’s appetite for gold is offsetting the ETF selling.