The yellow metal’s rebound over the past few months has been slippery at
times, with the most recent obstacle a stronger U.S. dollar, UBS says. However, the bank has noticed some encouraging aspects about gold's recovery.
UBS says holdings in gold
exchange-traded funds have been consistently rising on a net basis
each month since August, with global flows so far this month increasing
by around 360,000 ounces so far.
“Another interesting feature is the
market's surprising resilience to sizeable selling interest around the
highs; selling pressure has been absorbed quite well and gold has
managed to retain most of its gains thus far,” UBS says.
“In spite of overall bearish sentiment prevailing, which was evident during the recent LBMA conference, there have also been some signs of positivity slowly emerging.”
December Comex gold last traded at $1,167.80 an ounce, up 0.43%, while December silver futures on the Comex were last at $15,915 an ounce, up 0.56%.
Comex copper for December delivery was last at $2.353 a pound, up 0.12%.
