COMEX Gold futures saw a tight rangebound movement yesterday as improving global economic outlook capped the upside movement. The weak US dollar and sustained drop in the US Covid-19 cases on a daily basis is keeping the overall scenario mixed for yellow metal after it came off a two week high. The metal currently trades down 0.30% at $1845 per ounce. The World Gold Council (WGC), stated in a latest update that 2020 has been a memorable year for China's economy and its gold market. The Shanghai Gold Benchmark Price PM had a strong year, yet it remained at a wide discount to the LBMA Gold Price AM when measured in the same currency. China's wholesale gold demand was weaker than 2019 despite improvements after Q1 amid the significant reduction in the spread of the COVID-19 pandemic and its economic recovery. China's gold ETF market kept expanding, attracting an inflow of 16t in the year.

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