Gold has been extremely steady, ahead of the US elections outcome. Gold futures was marginally higher at 1,910 per ounce, while spot gold was little changed at USD 1,906.

Investors are looking for other key factors to push gold prices, including a fiscal stimulus in the United States, demand, movement of the dollar and physical demand for gold jewellery. The US dollar has also been gaining against a basket of currencies, which has ensured that gold does not see runaway gains.

According to Louise Street, Market Intelligence at the World Gold Council, "The impact of COVID-19 is still being felt in the gold market across the world. The combination of continued social restrictions in many markets, the economic impact of lockdowns, and all-time high gold prices in many currencies proved too much for many jewellery buyers.” It added that “this trend will likely continue for the foreseeable future. However, looking to the investor landscape we saw further record inflows into gold-backed ETFs in Q3, taking the global total to a record high. It was equally encouraging to see gold's role as a safe-haven for retail investors shine through this quarter, as people continue to seek stability in volatile markets."

One of the big factors for demand destruction mainly in the jewellery segment has been the sharp price gains seen in the price of the precious metal over the last 9 months. This has resulted in many consumers and investors staying away from the precious metal.

WGC shows a whopping 48-pc falls in Gold Jewellery Demand in India

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