COMEX gold stocks down 3311.56 oz on Jul 24 from previous day

The inventory of COMEX Gold, with a total quantity of 17,915,574.97 ounces, experienced a decrease of 33,115.6 ounces, or approximately 0.2%, from the previous day on July 24, 2024. In the most recent week, the inventory saw a cumulative increase of 216,247.62 ounces, representing a 1.22% growth. Similarly, over the past month, the inventory increased by 339,299.83 ounces, a 1.93% rise.Historical data reveals that since July 26, 2021, the inventory of COMEX Gold has fluctuated between a high of 3,604,637.51 ounces and a low of 1,745,962.56 ounces. The average inventory over this period has been 2,575,827.07 ounces. The current inventory of 17,915,574.97 ounces is 43.78% lower than the average.

Gold inventory on the Commodity Exchange (COMEX) has recently seen a significant decrease, with the total quantity standing at 17,915,574.97 ounces on July 24, 2024 [1]. This marks a 0.2% decline from the previous day and is approximately 43.78% lower than the average inventory over the past year [2].

The recent decrease in gold inventory on COMEX is not an isolated event. In the most recent week, the inventory saw a cumulative increase of 216,247.62 ounces, representing a 1.22% growth [1]. However, the inventory still remains below the historical average.

Since July 26, 2021, the gold inventory on COMEX has fluctuated between a high of 3,604,637.51 ounces and a low of 1,745,962.56 ounces [2]. The current inventory of 17,915,574.97 ounces is significantly lower than the historical average of 2,575,827.07 ounces.

The reasons behind the recent decrease in gold inventory on COMEX are not clear, but several factors may be contributing. One possibility is increased demand for physical gold as a safe-haven asset during times of economic uncertainty. Another possibility is increased investment in gold exchange-traded funds (ETFs) or other forms of gold investment.

Despite the recent decrease in gold inventory on COMEX, the underlying fundamentals of the gold market remain strong. Gold is widely viewed as a safe-haven asset, and its value often rises during times of economic uncertainty or political instability. The low inventory levels on COMEX may also contribute to upward pressure on gold prices, as the supply of gold available for immediate delivery is limited.

In conclusion, the recent decrease in gold inventory on COMEX to 17,915,574.97 ounces is noteworthy, particularly given that it is approximately 43.78% lower than the historical average. While the reasons behind the decrease are not clear, the underlying fundamentals of the gold market remain strong, and the low inventory levels may contribute to upward pressure on gold prices.

References:
[1] CME Group. Gold. Retrieved July 27, 2024, from https://www.cmegroup.com/markets/metals/precious/gold.html
[2] Investing.com. COMEX Gold Inventory. Retrieved July 27, 2024, from https://www.investing.com/economic-calendars/comex-gold-inventory-1130