Gold holds near 1-week high, physical demand drops off

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Gold fell below $1,300 three weeks ago and has been unable to reclaim that level. (AP) Gold fell below $1,300 three weeks ago and has been unable to reclaim that level. (AP)
SummaryGold fell below $1,300 three weeks ago and has been unable to reclaim that level.

an ounce on Tuesday from $13 in the previous session.

Outflows from gold funds continued, with SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, losing 3.30 tonnes on Monday. Outflows from the ETF, about 450 tonnes so far this year, have played a big role in denting prices.

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