Robust U.S. gold sales in Q3

The gold price is still weak and has fallen to a 2½-week low of less than $1,110 per troy ounce. The US labour market report should be the focus of attention on the gold market today. In the event of any significant surprises, gold could also see more pronounced price fluctuations as a result of the EUR-USD exchange rate. 

Having said that, retail investors have been taking advantage of the low gold prices in recent months and buying gold coins in grand style. The U.S. Mint reported third-quarter coin sales of 397,000 ounces (12.3 tons), which is the highest quarterly figure since the second quarter of 2010, states Commerzbank. 

On the other hand, there were considerable ETF outflows, at least in the case of gold, whose holdings were reduced by 63.6 tons between July and September. Outflows from silver ETFs amounted to 296.8 tons.