Gold down on slower physical demand

Gold down on slower physical demand

May 1, 2013
Gold History Charts in Ounces
Gold History Charts in Ounces

Gold down on slower physical demand

LONDON: Gold edged lower on Tuesday as the dollar strengthened against the euro, while support from the physical market softened as major buyer China was on holiday. Gold fell 0.2 percent to $1,471.79 by 1154 GMT. US gold for June delivery rose 0.3 percent to$1,472.10 an ounce. “There has been a bit of short-covering rally after the price sell-off in mid-April, and to some extent that rally is now subsiding,” Bank of America Merrill Lynch analyst Michael Widmer said. “I think we are going back to that environment where investors struggle to see reasons to purchase gold, and the physical market is slowing down as prices are rallying,” Widmer added. Investors also positioned for the US Fed to extend monetary stimulus measures. In the physical market, buying subsided as China, the world’s second-largest gold consumer after India, was on holiday until Thursday for Labour Day celebrations. Supply of gold bars, coins and nuggets in Asia remained tight, however, with premiums for gold bars in Hong Kong reaching their highest level since October 2011, up to $3 an ounce to spot London prices this week. Silver fell 0.7 percent to $24.34 an ounce. Platinum edged up 0.1 percent to $1,506.74 an ounce, having reached a two-week high of $1,522 on Monday. Palladium was up 0.1 percent to $696.97, having hit a two-week high of $700.72 earlier. Platinum benefited from renewed supply issues in main producer South Africa, where third largest miner Lonmin shut down its Number Two furnace for 30-40 days following an undisclosed incident. reuters

Postingan Terkait Lainnya :


Diskusi Bisnis Online via Facebook Comment

comments

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>