COMEX gold continues to lose momentum on Friday morning in Asia, tracking dollar strength overseas, although the counter is up around 1.5% so far in July. At the time of writing, the yellow metal is trading lower by 0.16% at $3343.10 an ounce. It had seen very tight action last two months as well. Meanwhile, World Gold Council (WGC) stated in latest update that total Q2 gold demand (inclusive of OTC investment) increased by 3% y/y to 1,249 tonnes (t). In value terms, total gold demand jumped 45% y/y to US$132 billion (bn). Investor flows were again the engine of growth, driven by safe haven motives and the record gold price. Central bank buying continued but at a slightly lower pace than in recent years.

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