Gold advanced, trimming a second monthly decline, as lower prices lured buyers of the physical metal amid an extended drop in holdings in exchange-traded products. Silver headed for a fourth monthly loss, the worst run since June.
The U.S. Mint is on pace to sell 62,100 ounces of gold coins in May, 17 percent more than a year earlier, according to data released yesterday. The agency said yesterday it would resume taking orders for its one-tenth ounce gold coin after suspending sales in April while demand surged after prices tumbled. Gold has slumped 17 percent this year in London as investors slashed holdings in exchange traded funds amid speculation the U.S. Federal Reserve would taper asset purchases that helped bullion cap a 12-year bull run in 2012.
In contrast to demand among institutional investors, who withdrew funds from the gold ETFs again yesterday, gold demand among retail investors thus remains extremely robust, Daniel Briesemann, an analyst at Commerzbank AG in Frankfurt, said in an e-mailed report today.
Spot gold climbed 0.2 percent to $1,383.85 an ounce by 11:34 a.m. in London, down 6.3 percent this month. Prices fell 1 percent yesterday as U.S. economic data backed the case for a cut in monetary stimulus by the Fed. Bullion for August delivery advanced 0.2 percent to $1,382.70 an ounce on the Comex in New York, heading for a 6.2 percent drop in May and a second monthly decline. Futures trading volumes were 63 percent higher than the average for the past 100 days for this time of day, according to data compiled by Bloomberg.
Holdings Shrink
Assets in ETPs dropped 0.2 percent to 2,154.2 metric tons yesterday, according to data compiled by Bloomberg. The holdings have shrunk 18 percent in this year, tumbling to the lowest since June 2011, as demand for haven assets declined amid an improving economic outlook. Data yesterday showed U.S. consumer confidence climbed to a more than five-year high while an index of property values made the biggest 12-month gain since April 2006. The Fed currently buys $85 billion of Treasury and mortgage debt a month.
There are some people still willing to pick up the metal when prices come off, said Xiang Nan, an analyst at CITIC Securities Futures Co., a unit of Chinas biggest listed brokerage. This stalemate between the bulls and bears is expected to continue for a while.
Silver for immediate delivery retreated 0.5 percent to $22.2375 an ounce, 27 percent lower this year. Platinum was little changed at $1,460.70 an ounce, heading for a fourth monthly loss.
Palladium declined 1 percent to $747.18 an ounce, trimming a monthly advance. The price touched $762.60 yesterday, the most expensive since April 3.
To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net; Whitney McFerron in London at wmcferron1@bloomberg.net.
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net
source: BLOOMBERG.COM
Wednesday, May 29, 2013
Tue 28 May 13 | 04:00 PM | Commodities Tomorrow: Can Gold Keep its Momentum?
Commodities Tomorrow: Can Gold Keep its Momentum?
Tue 28 May 13 | 04:00 PM ET
CNBC's Sharon Epperson discusses the day's activity in the commodities markets. Oil was up on the day, largely due to the increasing tensions in the Middle East. Gold has climbed above $1,400, but can it stay there?
SGBCHARTS | Gold Gains on China Demand, but ETF Outflows Persist
Gold edged up on Wednesday, buoyed by
strong demand from China after prices fell 1 percent in the prior
session, but persistent outflows from exchange-traded funds are expected
to cap gains.
While bullion's safe-haven appeal has lost some luster as rallying stocks attract investors, lower prices of the precious metal are luring physical buyers across Asia, with dealers facing a tough time organizing supplies to meet demand.
Spot gold
rose 0.6 percent to $1,388.31 an ounce by 0311 GMT, after falling to
$1,373.14 on Tuesday when equities were lifted by strong U.S. economic
data.
(Read More: Is This Metal More Gold Than Gold?)
U.S. gold rose 0.6 percent to $1,387.40.
"We can see some Shanghai futures buying interest pushing the market higher," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.
AP.
"But the upside should be limited. I think prices will see some resistance at $1,400 and downside support at $1,350."
(Read More: Strategist: Central Banks Can't Save Gold)
Gold prices in Shanghai are about $25 more than spot gold, indicating that demand was strong in China, the world's No. 2 consumer after India.
Physical demand for the precious metal has picked up in Asia since gold's biggest daily plunge in 30 years in April. Premiums for gold bars hit a record high in Asia last week as a mad rush for bullion crimped supplies.
Bank of America Merrill Lynch has lowered its gold and silver price forecasts for 2013, citing weak fundamentals and lack of investment buying.
(Read More: Bank of America Slashes Silver Forecast by 25%)
It now expects gold prices to average $1,478 an ounce in 2013, 12 percent below its prior forecast of $1,680.
Stronger equities have also dented gold's appeal. The Standard & Poor's 500 Index has gained a whopping 16 percent so far this year, while gold has dropped 17 percent - on track for its first annual drop after 12 straight yearly gains.
Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell to 1,012.25 tonnes on Tuesday, their lowest since February 2009.
Source: CNBC.com
While bullion's safe-haven appeal has lost some luster as rallying stocks attract investors, lower prices of the precious metal are luring physical buyers across Asia, with dealers facing a tough time organizing supplies to meet demand.
Spot gold
rose 0.6 percent to $1,388.31 an ounce by 0311 GMT, after falling to
$1,373.14 on Tuesday when equities were lifted by strong U.S. economic
data. (Read More: Is This Metal More Gold Than Gold?)
U.S. gold rose 0.6 percent to $1,387.40.
"We can see some Shanghai futures buying interest pushing the market higher," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.
AP.
"But the upside should be limited. I think prices will see some resistance at $1,400 and downside support at $1,350."
(Read More: Strategist: Central Banks Can't Save Gold)
Gold prices in Shanghai are about $25 more than spot gold, indicating that demand was strong in China, the world's No. 2 consumer after India.
Physical demand for the precious metal has picked up in Asia since gold's biggest daily plunge in 30 years in April. Premiums for gold bars hit a record high in Asia last week as a mad rush for bullion crimped supplies.
Bank of America Merrill Lynch has lowered its gold and silver price forecasts for 2013, citing weak fundamentals and lack of investment buying.
(Read More: Bank of America Slashes Silver Forecast by 25%)
It now expects gold prices to average $1,478 an ounce in 2013, 12 percent below its prior forecast of $1,680.
Stronger equities have also dented gold's appeal. The Standard & Poor's 500 Index has gained a whopping 16 percent so far this year, while gold has dropped 17 percent - on track for its first annual drop after 12 straight yearly gains.
Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell to 1,012.25 tonnes on Tuesday, their lowest since February 2009.
Source: CNBC.com
Tuesday, May 28, 2013
SGBCHARTS | Asian Stocks Mixed; Nikkei Remains Volatile
CNBC , Asian stocks pared opening gains on Wednesday to trade mixed as the Nikkei resumed its volatile trend to bounce back and forth between gains and losses.
Efforts by central banks to curb market instability lifted sentiment, and drove the Dow to a new record high and European shares to near multi-year highs overnight.
Tokyo equities hovered at the 14,330 mark after opening up over 1 percent, South Korea's Kospi tested the key 2,000 level and Australia's S&P ASX 200 index was flat.
The Shanghai Composite extended gains to hit a fresh two-month high. So far, the index has notched up gains of 1.6 percent for this week to be Asia's best-performing index.
BOJ Watched
Investors are digesting comments from Bank of Japan (BOJ) Governor Haruhiko Kuroda as he delivers a speech in Tokyo. In his opening remarks, Kuroda said that no financial system can maintain its robustness forever.
"What we've seen in Japan is certain announcements that have sent markets going wild in all different directions and it's useful to have an update. Exactly how much liquidity is happening? And exactly what are their plans for sterilizing it in the future?" said Richard Harris, chief executive of Port Shelter Investment Management.
Efforts by central banks to curb market instability lifted sentiment, and drove the Dow to a new record high and European shares to near multi-year highs overnight.
Tokyo equities hovered at the 14,330 mark after opening up over 1 percent, South Korea's Kospi tested the key 2,000 level and Australia's S&P ASX 200 index was flat.
The Shanghai Composite extended gains to hit a fresh two-month high. So far, the index has notched up gains of 1.6 percent for this week to be Asia's best-performing index.
BOJ Watched
Investors are digesting comments from Bank of Japan (BOJ) Governor Haruhiko Kuroda as he delivers a speech in Tokyo. In his opening remarks, Kuroda said that no financial system can maintain its robustness forever.
"What we've seen in Japan is certain announcements that have sent markets going wild in all different directions and it's useful to have an update. Exactly how much liquidity is happening? And exactly what are their plans for sterilizing it in the future?" said Richard Harris, chief executive of Port Shelter Investment Management.
| Name | Price | Change | %Change | ||
|---|---|---|---|---|---|
| NIKKEI | Nikkei 225 Index | 14292.80 | | -19.18 | -0.13% |
| HSI | Hang Seng Index | 22735.42 | | -188.83 | -0.82% |
| ASX 200 | S&P/ASX 200 | 4964.70 | | -6.00 | -0.12% |
| SHANGHAI | Shanghai Composite Index | 2322.70 | | 1.38 | 0.06% |
| KOSPI | KOSPI Index | 1994.80 | | 8.58 | 0.43% |
| CNBC 100 | CNBC 100 ASIA IDX | 7005.41 | | -30.20 | -0.43% |
Markets overnight regained some degree of stabilization after both the Bank of Japan (BOJ) and the European Central Bank (ECB) reaffirmed their commitment to ultra-loose monetary policies.
(Read More: Here's How QE Tapering Could Hurt Asia)
Upbeat U.S. data also boosted sentiment in Asia. Single-family home prices rose in March to their best annual gain in nearly seven years, according to the S&P/Case Shiller composite index.
Nikkei Flat
Kuroda's comments will be scrutinized given the recent volatility in risk assets and any positive talk of Japanese government bond yields (JGBs) should pave the way for further stock market gains.
This follows Tuesday's statements where he said that domestic economic conditions have not changed, suggesting that the recent market swings did not reflect fundamentals.
(Read More: Japan's Nikkei—Stable Now, but for How Much Longer?)
Retailers are in focus after data revealed that retail sales for the month of April fell for a fourth straight month. Fast Retailing tanked 2.5 percent.
Mobile operator Softbank surged as much as 4 percent after reaching an agreement with U.S officials over details of their pending purchase of Sprint Nextel.
Australia Steady
The Australian dollar extended losses against the greenback to hit $0.9553, it's lowest level since October 2011.
This added greater pressure on banking stocks as international investors shed their Australian holdings due to the currency risk. All of Australia's 'Big 4' lenders were lower with Westpac leading losses by 1 percent.
(Read More: Aussie Dollar Is Now the World's 'Weakest Currency')
"The volumes through the market have been very strong, well above the normal averages. This means the market is approaching the end of the international repatriation stage, and could see the knife hitting the floor as yield-hunters jump back in," said Evan Lucas, market strategist, IG in a morning note.
Slot machine supplier Aristocrat Leisure rose 5.6 percent after raising its dividend following an 11 percent rise in half-year profits.
Shanghai Higher
The benchmark index extended gains to hit the 2,330 mark in early trade, its highest levels since March 217. The index has been on a winning streak for the month May, trading 6 percent above its 200-day simple moving average.
Shares of construction machinery group Zoomlion fell 2 percent after a Chinese media report accused the firm of reporting false sales figures.
Kospi Nears 2,000
Tech stocks lifted the benchmark index higher with flat screen maker LG Display leading gains by 2.5 percent and Samsung Electronics up by 0.7 percent.
Power companies are in focus after South Korean nuclear safety authorities topped the operation several nuclear reactors after discovering substandard parts in them.
Korea Electric Power Corporation (KEPCO) and KEPCO Engineering & Construction Company tanked 4 percent each.
— By CNBC.com's Nyshka Chandran. Follow her on Twitter @NyshkaCNBC
sgbcharts | Gold Ends Lower Despite Strong Physical Demand
Getty Images
Strong buying of physical bullion on
Tuesday helped pare losses from an earlier gold decline caused by a
dollar rise and technical selling, but the metal continued to feel
pressure from chart-based sell orders which stopped the recovery.
Benchmark gold futures showed a gain in early afternoon, while the spot price was still down a hair after failing to rise above technical resistance at its 14-day moving average near $1,400 an ounce, where selling was triggered, traders said.
"Every time when gold prices drop, we start to see a sharp pick-up in physical demand. Dealers are buying for fear of a sharp correction higher," said Phillip Streible, senior commodities broker at R.J. O'Brien.
The metal fell 1.5 percent earlier in the session on worries about continued outflow in gold-backed exchange-traded funds and an equities market rally driven by economic optimism.
Spot gold was last down 0.9 percent to $1,380 an ounce, after trading as low as $1,374.28 earlier.
U.S. gold futures settled $7.70 lower at $1,378.90 an ounce.
Volume was higher than usual due to Tuesday's Comex June option expiration and pent-up trading from Monday, traders said.
The U.S. market was shut on Monday due to the Memorial Day holiday.
Trading turnover was 360,000 contracts, on track to set the highest turnover since April 15 when gold prices tumbled 8.5 percent.
In physical market news, the U.S. Mint said on Tuesday it is resuming sales of its small, one-tenth ounce American Eagle gold bullion coins, a month after the precious metal's plunge to two-year lows triggered soaring demand.
Among other precious metals, silver was down 1.6 percent at $22 an ounce. Platinum rose 0.6 percent at $1,456 an ounce, while palladium gained 2.2 percent to $752 an ounce.
Benchmark gold futures showed a gain in early afternoon, while the spot price was still down a hair after failing to rise above technical resistance at its 14-day moving average near $1,400 an ounce, where selling was triggered, traders said.
"Every time when gold prices drop, we start to see a sharp pick-up in physical demand. Dealers are buying for fear of a sharp correction higher," said Phillip Streible, senior commodities broker at R.J. O'Brien.
The metal fell 1.5 percent earlier in the session on worries about continued outflow in gold-backed exchange-traded funds and an equities market rally driven by economic optimism.
Spot gold was last down 0.9 percent to $1,380 an ounce, after trading as low as $1,374.28 earlier.
U.S. gold futures settled $7.70 lower at $1,378.90 an ounce.
Volume was higher than usual due to Tuesday's Comex June option expiration and pent-up trading from Monday, traders said.
The U.S. market was shut on Monday due to the Memorial Day holiday.
Trading turnover was 360,000 contracts, on track to set the highest turnover since April 15 when gold prices tumbled 8.5 percent.
In physical market news, the U.S. Mint said on Tuesday it is resuming sales of its small, one-tenth ounce American Eagle gold bullion coins, a month after the precious metal's plunge to two-year lows triggered soaring demand.
Among other precious metals, silver was down 1.6 percent at $22 an ounce. Platinum rose 0.6 percent at $1,456 an ounce, while palladium gained 2.2 percent to $752 an ounce.
source : cnbc.com
Today (28/5) Hang Seng Index Rises by Sahan Encouragement Property
Hong Kong stock exchange for the first session of trading today (28/5) increased after yesterday moved lower due to lack of sentiment. Rising prices of stocks in the property sector terutam encourage market movements. Property stocks rose as a result of market optimism about China's property sector is still going to grow.
The Hang Seng Index rose 0.56% first session basis points to 22812.84. While index futures rose 129 points to 22 776 basis points with the support level of 22,378 points and resistant level of 23053 points.
Stocks that have increased the stock of which is Henderson Land rose 0.35% to 57.25 hkd, Sino Land shares gained 0.49% to 12.28 hkd and Cathay Pacific shares rose 2.52% to 14.66 hkd.
The Hang Seng Index rose 0.56% first session basis points to 22812.84. While index futures rose 129 points to 22 776 basis points with the support level of 22,378 points and resistant level of 23053 points.
Stocks that have increased the stock of which is Henderson Land rose 0.35% to 57.25 hkd, Sino Land shares gained 0.49% to 12.28 hkd and Cathay Pacific shares rose 2.52% to 14.66 hkd.
Gold rose 1.6% during the last week, Is an end to the trend of decline in gold this week?
Gold changed direction and jumped back over the last week. Recovery
of gold and silver along with the appreciation of major currencies like
the Euro and the Japanese Yen against the U.S. Dollar.What's more, the fall of the U.S. stock market has recently also contributed to the rally in bullion. Last
week, the minutes of the FOMC meeting and Bernanke's testimony in
Congress raising speculation that the Fed may reduce its assets purchase
program.Is an end to the trend of decline in gold this week?Gold rose 1.6% during the last week,Gold
rate rose during last week by 1.6%; otherwise during the past week, the
average weekly price reached $ 1,381.5 / ounce which is 1:41% below
average last week. Gold ended last week at $ 1,386.6 / ounceThe price of gold is likely to end the trend of decline during this week. The slow movement of the precious metal likely to continue if the gold trading volume continues to decline.Bernanke's
testimony last week seems to have the opposite effect is stronger in
the stock market rather than precious metals market. However,
if investors continue to speculate that the Fed may reduce its QE3
program in the near term, it can also provide the opposite effect of the
precious metal.Meanwhile, the upcoming U.S. reports will provide ilhaman about the progress of the U.S. economy. This report includes: a second estimate of GDP, and consumer confidence. If
the reports are showing signs of recovery, they will be able to help
lift the stock market crashed last week and indirectly affect the prices
of precious metals.If
financial statements are to come, including: China Manufacturing PMI,
German Retail Sales, GDP EU monetary Canada and shows no signs of
improvement, they will drag the price of gold and silver again.Holder
of SPDR gold trust ETF continues to lose its footing: the amount of
gold held by ETFs dropped 5.5% since the beginning of the month and up
24.77% since the beginning of the year. If the holder of gold continues to fall, it could indicate the demand for gold as an investment continues to decrease. The
recent rally of the Euro and the Japanese Yen during the past week most
likely also contributed to the recovery of bullion prices. If-exchange
will change direction and depreciate against the USD in the previous
week, this is likely to drag down the rate bullion.Finally, the Indian rupee depreciated against the USD in the past week. If this trend continues to prevail, this is likely to affect the demand of gold in India.
(Bloomberg) Gold Premiums Tumble From India to Hong Kong as Demand Wanes
Gold premiums have tumbled in India
and Hong Kong, signaling that the buying frenzy that followed
bullion’s slump into a bear market last month has weakened in
the largest consumers, while a supply shortfall eases.
Premiums paid by jewelers to banks in India are being quoted between $3 and $3.50 an ounce over the London cash price, compared with $10 to $12 early this month, said Haresh Soni, chairman of the All India Gems & Jewellery Trade Federation. In Hong Kong, consumers are paying about $3 an ounce compared with $5 to $6 last week, according to Heraeus Metals Hong Kong Ltd.
Gold plunged last month as investment holdings fell,
spurring demand for jewelry and coins across Asia and the Middle
East as buyers were lured by prices at the cheapest in more than
two years. The increased physical demand, which helped bullion
to rebound, may now be weakening even as holdings in exchange-traded products shrink further.
“Premiums have come down as demand is slower and there is more supply,” Dick Poon, general manager at refiner and trader Heraeus, said in an interview today. “Last month, when the price dropped, many people rushed to buy gold and that created a shortage.”
Gold for immediate delivery plunged as low as $1,321.95 an ounce on April 16 amid speculation that a recovery in the U.S. would prompt the central bank to taper asset purchases. Prices, which rallied to as much as $1,488.09 an ounce by May 3, traded at $1,389.90 at 3:42 p.m. in Singapore.
Gold is 17 percent lower this year amid the record reductions from holdings in ETPs. Global holdings in the products have declined every week for the past 15, taking reductions to 473.5 metric tons this year.
India’s gold imports in May are expected to be lower than April’s 117 tons as demand tapered off after the main gold-buying festival of Akshaya Tritiya on May 13 and as the wedding season ends, Soni said. Premiums have fallen as demand decreased and supply improved, he said.
Volumes for the benchmark spot contract on the Shanghai Gold Exchange, China’s biggest cash bullion market, exceeded 273 tons between April 16 and 26, according to data compiled by Bloomberg. Volumes, which reached a daily record 43.3 tons on April 22, were 15.6 tons today. (Source: Bloomberg)
Premiums paid by jewelers to banks in India are being quoted between $3 and $3.50 an ounce over the London cash price, compared with $10 to $12 early this month, said Haresh Soni, chairman of the All India Gems & Jewellery Trade Federation. In Hong Kong, consumers are paying about $3 an ounce compared with $5 to $6 last week, according to Heraeus Metals Hong Kong Ltd.
May 27 (Bloomberg) --
Jonathan Barratt, chief executive officer of Barratt’s Bulletin, a
commodity newsletter in Sydney, talks about metals.
He also discusses the outlook for the Australia dollar. He speaks
with Rishaad Salamat on Bloomberg Television's "On the Move." (Source:
Bloomberg)
“Premiums have come down as demand is slower and there is more supply,” Dick Poon, general manager at refiner and trader Heraeus, said in an interview today. “Last month, when the price dropped, many people rushed to buy gold and that created a shortage.”
Gold for immediate delivery plunged as low as $1,321.95 an ounce on April 16 amid speculation that a recovery in the U.S. would prompt the central bank to taper asset purchases. Prices, which rallied to as much as $1,488.09 an ounce by May 3, traded at $1,389.90 at 3:42 p.m. in Singapore.
Physical Buying
The increase in physical gold buying last month shouldn’t be seen as significant additional demand as purchases were merely advanced, according to Credit Suisse Group AG. The situation was comparable to cash-for-clunkers in autos, bringing forward activity, not adding to overall purchases, Ric Deverell, head of commodities research, said on May 16, referring to the U.S. program during the financial crisis that offered incentives for people to trade in older cars for new ones.Gold is 17 percent lower this year amid the record reductions from holdings in ETPs. Global holdings in the products have declined every week for the past 15, taking reductions to 473.5 metric tons this year.
India’s gold imports in May are expected to be lower than April’s 117 tons as demand tapered off after the main gold-buying festival of Akshaya Tritiya on May 13 and as the wedding season ends, Soni said. Premiums have fallen as demand decreased and supply improved, he said.
Volumes for the benchmark spot contract on the Shanghai Gold Exchange, China’s biggest cash bullion market, exceeded 273 tons between April 16 and 26, according to data compiled by Bloomberg. Volumes, which reached a daily record 43.3 tons on April 22, were 15.6 tons today. (Source: Bloomberg)
Monday, May 27, 2013
Gold Falls as Stocks Hold Firm; Physical Demand Stays Strong
Published: Monday, 27 May 2013 | 11:48 PM ET | Gold fell on Tuesday as Asian stock
markets and the dollar firmed after a turbulent week, undermining the
metal's appeal as a safe haven and prompting more selling in
bullion-backed exchange traded funds.
Demand in the physical market continued to hold prices near $1,400 an ounce as the recent drops in the spot market lured buyers to invest in bullion.
Getty Images
Spot gold fell 0.26 percent to $1,390.71 an ounce by 0230 GMT, after gaining more than half a percent on Monday. It rose 2 percent last week - its strongest weekly percentage gain in a month - though the metal is down 17 percent for the year.
(Read More: The Next Move in Gold Is...?)
U.S. gold rose 0.22 percent to $1,389.60.
"The paper market is dropping but we are seeing a different story in the physical market," said Zane Lim, regional manager of operations at Singapore-based dealer BullionStar. "Everybody is buying and no one is selling."
Bullion is being sold at high premiums compared to spot prices as there is not enough supply in the market to meet the strong demand.
"We are not seeing any signs of slowing down. People are still thinking it is a good price to go in at," Lim said, adding that most of the bullion dealers in Singapore were sold out.
(Read More: The Key Level for Gold Trading)
Gold prices remain near a two-year low of $1,321.35 hit in mid-April as investors flock to higher-yielding stocks.
Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, are at their lowest since mid-February 2009, falling 0.24 percent to 1,016.16 tons on Friday. The fund held 1,350.50 tons of gold at the beginning of 2013.
Russia, Turkey and Kazakhstan were among central banks buying gold in April to diversify their strategic portfolio, data from the International Monetary Fund showed on Monday.
(Read More: Relax, India's Massive Gold Imports Likely a One-Off)
Demand in India, the world's biggest gold market, was subdued as the peak wedding season cools off, and its central bank is taking more steps to curb gold purchases.
On Monday, the Reserve Bank of India said banks would not be allowed to give loans against units of gold exchange-traded funds and gold mutual funds.
source : http://www.cnbc.com/id/100768257
Demand in the physical market continued to hold prices near $1,400 an ounce as the recent drops in the spot market lured buyers to invest in bullion.
Getty Images
Spot gold fell 0.26 percent to $1,390.71 an ounce by 0230 GMT, after gaining more than half a percent on Monday. It rose 2 percent last week - its strongest weekly percentage gain in a month - though the metal is down 17 percent for the year.
(Read More: The Next Move in Gold Is...?)
U.S. gold rose 0.22 percent to $1,389.60.
"The paper market is dropping but we are seeing a different story in the physical market," said Zane Lim, regional manager of operations at Singapore-based dealer BullionStar. "Everybody is buying and no one is selling."
Bullion is being sold at high premiums compared to spot prices as there is not enough supply in the market to meet the strong demand.
"We are not seeing any signs of slowing down. People are still thinking it is a good price to go in at," Lim said, adding that most of the bullion dealers in Singapore were sold out.
(Read More: The Key Level for Gold Trading)
Gold prices remain near a two-year low of $1,321.35 hit in mid-April as investors flock to higher-yielding stocks.
Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, are at their lowest since mid-February 2009, falling 0.24 percent to 1,016.16 tons on Friday. The fund held 1,350.50 tons of gold at the beginning of 2013.
Russia, Turkey and Kazakhstan were among central banks buying gold in April to diversify their strategic portfolio, data from the International Monetary Fund showed on Monday.
(Read More: Relax, India's Massive Gold Imports Likely a One-Off)
Demand in India, the world's biggest gold market, was subdued as the peak wedding season cools off, and its central bank is taking more steps to curb gold purchases.
On Monday, the Reserve Bank of India said banks would not be allowed to give loans against units of gold exchange-traded funds and gold mutual funds.
source : http://www.cnbc.com/id/100768257
The Nikkei's trading range is narrowing down day by day 27 May 2013 | 11:54 PM ET
Published: Monday, 27 May 2013 | 11:54 PM ET | The yen tumbled on Tuesday as Japanese shares
appeared to be stabilizing after sharp losses and extreme volatility in
the past few sessions, easing worries investors may have to close their
yen-selling positions to make up for losses. While the Nikkei's fall of more than 10 percent from its 5 1/2-year peak has reminded traders how painful a correction of one-way trade can be, the market expects the Bank of Japan's massive easing to likely weaken the yen in the long term.
"The Nikkei's trading range is narrowing down day by day. This is not like a panic we saw after the Lehman shock. If volatility is steadying at the current level, then dollar/yen is likely to head higher," said Kyosuke Suzuki, director of FX at Societe Generale in Tokyo.
(Read More: Is It All Downhill for Commodity Currencies?)
The dollar rose 0.8 percent to 101.75 yen, up more than a full yen from two-week low of 100.66 hit on Friday, staying above key technical support levels, including 21-day moving average, at 100.80 yen on Tuesday.
Its kijun line on the daily Ichimoku charts, now at 100.37, is also seen as a major support, said Osamu Takashima, chief FX strategist at Citibank.
Japan's Nikkei share average rose 0.5 percent on Tuesday, recovering from a three-week intraday low hit earlier in the day.
source : http://www.cnbc.com/id/100768253
Sunday, May 12, 2013
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