Gold Core
Gold prices dropped more than 7% last week – the biggest weekly loss since September. Liquidity squeezed speculators and banks have been closing long positions and selling Gold this past week but global physical demand remains robust.
Bullion buying in much of Asia has picked up. Reuters reports that there has been a jump in buying in most Asian countries and that demand for gold in India, still the world's top buyer, rose slightly for the first time in almost a week on Friday.
Bullion dealers in India told Reuters that the price drop “enthused buyers.”
"We saw huge physical demand from Thailand and Indonesia," a Singapore based dealer told Reuters. Gold bar premiums were steady at $1.00 an ounce over spot prices in Singapore. Prices may edge up this week as supply reduces around Christmas holidays according to a dealer.
No comments:
Post a Comment