Precious Metals Preview: COMEX Gold Supported On Recovery In Demand

2 Nov 2022 , 09:01 AM

COMEX Gold futures edged up from a one week low near $1630 per ounce as a recovery in demand augured well for the sentiments. The metal currently trades up 0.32% at $1655 per ounce. The World Gold Council or WGC stated in its latest quarterly demand trend report, the that world physical gold demand totaled 1,181 tonnes in the third quarter, increasing 28% from the third quarter last year. At the same time, year-to-date gold demand is up 18% compared to the first nine months of 2021, noted WGC. The World Gold Council or WGC stated in a latest update that after the disruption of Chinas widespread Q2 lockdowns, gold jewellery demand staged a comeback in Q3, rallying 58% q-o-q to 163t. The y-o-y comparison shows a more modest 5% increase. Despite sporadic restrictions being imposed throughout the quarter, consumer sentiment in July and August was upbeat, aided by a pullback in the local gold price and the release of pent-up demand from Q2. Powered by Commodity Insights