Gold Strong Despite 7-Year Demand Lows

Gold is maintaining its 3-week highs today - up 1.4 percent from last Friday - and is holding strong despite new data out that shows demand for the precious metal is at its lowest point since early 2010.

In other precious metals, platinum is up to $940 per ounce, also at 3-week highs. Silver is holding 0.8 percent under its 3-week high on Monday of $17.25 an ounce. Despite an 11 percent loss in trade for gold, general concerns over geopolitical tensions in North Korea and the Middle East are supporting precious metals as a safe haven commodity.

Market participants anticipate that next year may be tighter in gold trade as well, as Sudi Arabia and the UAE will be implementing n additional 5 percent tax. Further, with the UK exiting the European Union in 2019, traders are looking to see what settlement is reached in terms of trade rules between the two economic powers moving forward.