Gold falls on weaker ETF interest

ETF investor interest in gold appears generally muted, according to the World Gold Council.

Gold ETFs saw net positive inflows last week, driven mainly by demand in North America. Even so, it was the smallest net change in ETF funding since December.

Even so, it was the smallest net change in ETF funding since December.

“In principle, the interest from this group of investors is rather weak,” Commerzbank said in a note.

Commerzbank added that current gold prices are supported more by speculators who hope for a rebound to new all-time highs.

“We see limited upside potential for gold in the short term, as the first U.S. rate cut is expected before the end of the year,” the firm said. SPDR Gold fell 0.4%.