According to the available statistics, a significant increase in demand for gold was observed not from the futures market, although it was there too, but from the stock market of "gold" ETF funds. The largest ETF fund SPDR Gold Shares (GLD) recorded capital inflows of $ 1.18 billion last week, followed by the iShares Gold Trust (IAU), which was able to raise $ 727 million.
The situation with the supply of gold on the New York COMEX futures exchange has improved markedly. At the end of July this year, the number of contracts for the supply of physical precious metal amounted to 8.439 pcs. The record number was observed in June at 55.102 contracts. As of July 23, 2020, the stock volume of gold on the COMEX exchange was 35.03 million ounces in the form of gold bars of 100 and 400 ounces.
Until recently, the record price of gold on the London market was $ 1896.5 per ounce. But on Friday, the price of the yellow precious metal was $ 1902.10 per ounce - a new record for the London fixing. It is worth recalling that on September 6, 2011, the value of a futures contract for gold was $ 1900.40, although then during the day the precious metal cost even $ 1923.70 per ounce for a short time. Last Friday, July 24, gold futures traded at $ 1904. But the new record for the price of gold has not yet been officially confirmed.