Gold price closes in on 8-year high after $1.7bn ETF bets

MINING.COM | Gold prices continued to rally on Monday, heading toward the highest since February 2012, after massive inflows into gold-backed ETFs in the US.

Gold for delivery in August, the most active contract on the Comex market in New York, touched a high of $1,779 an ounce, the highest since February 2012.

The World Gold Council reported that Friday saw a massive 27.3 tonnes (974,000 ounces worth more than $1.7 billion at today’s prices) inflow into gold-backed exchange traded funds (ETFs).

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