"While the market has regained some of its early losses, we believe the report and the subsequent market pullback underline the relevance of holding gold in the near and long term," the World Gold Council said.
Overnight, the gold price was fixed at $1226.14 per ounce.
The WTI crude oil price was down overnight at $68.70 per barrel.
In softer commodities, cocoa decreased $81 per tonne or 3.64% to $2145/t yesterday from the $2226 in the previous trading session, tradingeconomics.com reported. Historically, cocoa reached an all-time high of $4361.58/t in July of 1977 and a record low of $211/t in July of 1965.
Coffee decreased 0.60c per pound or 0.49% to 121.95c/lb yesterday from 122.55c/lb in the previous trading session, tradingeconomics.com reported. Historically, coffee reached an all-time high of 339.86c/lb in April of 1977 and a record low of 42.50c/lb in October of 2001.