Gold has been tough lately, and gold prices haven’t moved. Holding the miners has been even more difficult. We had a pretty rough up and down period in November.

Gold prices dropped nearly 1% yesterday to end the month of November essentially unchanged.

It should be noted that the underperformance in gold prices comes against a backdrop of rising sentiment as investors increasingly focus on the rally in U.S. equities and the continued positive economic news, thus eroding gold’s safe-haven appeal.

Gold continues to be subject to a persistent lack of buying interest among institutional investors in spite of a recently weakening dollar and a rising oil price. Spot gold prices were down 0.80 percent at $1,273 on Thursday after hitting its lowest level since Nov. 14 at $1,270.

The price was 0.30% higher for the month of November but spent most of the month fluctuating in a narrow range between the $1,265 and $1,300 level. The yellow metal remains stuck in its narrowest monthly range in 12 years.

Global equities, by contrast, were on course to finish November with a 13th consecutive monthly gain. Equity investors were also buoyed by the latest release of U.S. jobless and consumer spending data, which showed encouraging third-quarter economic growth.

Where do we go from here with gold prices and silver prices?

Gold’s best chance for a rally in December is if China and the emerging market stocks continue to show weakness and thereby increase international investors’ concerns for the overseas financial market outlook.

The main factor holding gold back is the lack of buying interest from institutional traders as stocks are where everyone is putting money to work. In addition, we have to be on alert for an interest rate hike. So far, December is off to a better start, but this was mostly driven by today’s news that Michael Flynn may testify against Trump, which sent markets reeling.

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