Gold climbed on Monday despite news yellow metal-linked ETFs faced their first outflows in six months in November.
According to World Gold Council data, gold ETF assets under management fell by US$2.1 billion to US$274 billion throughout the month.
The drop marked the first since April after a winning streak for the yellow metal saw it repeatedly set new records until a peak in October.
Gold had climbed as high as US$2,792 an ounce, before receding in November as news of Donald Trump’s US election victory broke.
On Monday, gold enjoyed a 1.16% gain to hit US$2,664, its highest level of December so far.
“This level has acted as resistance over the last couple of weeks as gold struggled to make upside progress,” Trade Nation analyst David Morrison commented.
“As far as the bulls are concerned, it’s ‘so far, so good’. But they have suffered a stack of disappointments since early November and Trump’s decisive election win. Can they put all that behind them now, and dare to push for a fresh record high?”