According to a latest report on gold, published by Thomson Reuters research, the global gold market stands at a surplus of 250 tonnes
Key findings from the report:
Falling mine production (822 tonnes, down 2.1%)
Healthy demand for physically-backed gold ETFs (over 100 tonnes for the third quarter in a row)
Is not enough to offset a surge in scrap supply and plummeting sales of jewellery in Asia
India & China saw jewellery consumption down 41% and 27% respectively year-on-year (despite an improvement in demand compared to the prior quarter)
The report says the gold price is unlikely to fall below $1,240
Next year the price is set to rally, averaging $1,420 an ounce
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