The Daily Gold writes:
"... A day earlier, gold fell through $1700 an ounce on Tuesday for the first time in nearly a month.
“Because physical demand appears relatively robust at present, the fall in the price of gold was no doubt triggered mainly by the futures market,” says today’s commodities note from Commerzbank.
"Open interest in gold futures trading on the New York Comex fell for the seventh session running Tuesday, down around 10% from the start of last week, according to data from Comex operator CME Group – although that period does cover last Wednesday’s sudden price drop.
"The volume of gold held by world’s largest gold ETF SPDR Gold Shares (GLD) meantime rose to a fresh all-time high yesterday at 1351.2 tonnes. ..."
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