New Delhi, Nov. 6 -- Gold prices may be approaching an interim bottom, with the broader macroeconomic environment favouring a recovery despite the recent correction, the World Gold Council (WGC) said in its latest report, noting that two of the three historical conditions associated with gold price recoveries are already in place.

The council said the current decline is more likely to represent a correction than the beginning of a prolonged downturn similar to the post-2011 period, as the macroeconomic and fundamental backdrop remains considerably stronger.

"Our simple framework suggests gold may be nearing an interim bottom: two of three conditions are in place. More importantly, unlike in 2011, the macro backdrop supports a recovery,"...