Expect gold prices to trade sideways: Angel Commodities

Spot gold was up 0.8% at $1,980.46 per ounce by 3:25 p.m. EDT, near a one-week high.

Mining companies have to run just to stand still, but expansion capex in the global mining sector as a percentage of profits has halved in a decade.

Currently, gold is sold with paper receipts based on the "good faith" of the seller, making it impossible to trace its origin.

Mali is one of Africa's largest producers of gold, which is its top export.