Other market observes are bullish on gold with some forecasting $1,400 per ounce for the yellow metal next year, assuming the dollar weakens as other global central banks reveal tighter monetary policies.

GLD and IAU “led the declines in North America, losing 28t (US$1.1bn, 3.2%) and 17.4t (US$0.7bn, 6%) respectively, while ETFS Physical Swiss Gold lost 5.6t or 20% of its assets on the month,” said the WGC.

On a year-to-date basis, European gold ETFs are the world’s top asset gatherers among gold products while asset growth has been solid in Asia as well, according to WGC data.

For more information on the gold market, visit our gold category.

Tom Lydon’s clients own shares of GLD.