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- On Friday, gold tracking ETFs suffered worst daily outflow in since 2013. Investors pulled out $443.1 million according to Markit. Last week total outflow was $539 million, largest since March this year.
- ETF data shows, Gold has been losing its shines for quite some time now. Gold ETFs have seen monthly outflows in last 9 out of 12 months.
Gold dropped sharply in early Asian hours, as it traded as low as $1085/ troy ounce. However price was back trading above $1100/troy ounce within 5 minutes of the drop.
Gold has fallen to lowest level since 2010 crisis. It is down more than 40% from its 2011 peak, when it touched $1921/troy ounce.
Heavy selling in China and low liquidity could have caused such moves.
Further drop seems likely, given such low demand and strong dollar. $1000 area will not be an easy nut to crack. Expect correction as price nears $1060 level.
