Tag Archives: physical demand

Gold heads for biggest weekly gain since late 2011

26 Apr

Gold rose to its highest in more than a week on Friday , heading for its biggest weekly gain since October 2011, after a surge in physical demand in Asia helped pluck the metal from a 2-year trough.

FUNDAMENTALS

* Spot gold added USD 4.06 an ounce to USD 1,471.05 by 0025 GMT after posting its biggest daily rise since June last year on Thursday. Gold plunged to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.

* US gold futures for June delivery stood at USD 1,471.00 an ounce, up USD 9.00.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.25 percent to 1,090.27 tonnes on Thursday from 1,092.98 tonnes on Wednesday. The current holdings are at their multi-year lows.

* Turkey, one of the world’s biggest gold buyers, has imported more of the precious metal in April than in any month since last July following a surge in domestic demand after gold prices hit a two-year low last week.

* Premiums for gold bars soared to multi-year highs in Asia after a spate of physical buying ran down supplies, with dealers in top consumer India expecting a surge in imports this month/

* Russia and Turkey raised their gold reserves in March, the International Monetary Fund said on Wednesday, increasing their holdings ahead of a spectacular plunge in prices this month.

MARKET NEWS

* The dollar recovered from losses to trade higher against the euro on Thursday as resilience in the US labor market allayed some concerns about the nation’s economic recovery, with many analysts expecting more gains ahead for the greenback.

* Japan’s Nikkei average advanced in early trade on Friday after strong US company earnings and resilient labour market data boosted Wall Street, although the benchmark was holding just below the 14,000-mark, a level not seen since June 2008.

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Source: Moneycontrol