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Commerzbank: Data Show Chinese Gold Demand 'Subdued'

Kitco News

Data on China’s gold imports from Hong Kong suggest that Chinese demand for the precious metal has been “subdued,” says Commerzbank. Analysts cite a report from the Census and Statistics Department of the Hong Kong government showing that China imported 59.4 tonnes of gold on a net basis from Hong Kong in March. “Though this was 79% up on the previous month, which was distorted by the New Year’s Festival, it was 47% down on last March,” Commerzbank says. “At 144 tonnes, net first-quarter imports were 25% down year-on-year, confirming that gold demand is also subdued in China.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

FXTM: 'Gold Has Scope To Depreciate Towards $1,300'

Friday April 27, 2018 08:57

Gold prices are being held back so far Friday by a strengthening U.S. dollar, higher U.S bond yields and easing geopolitical tensions that have dented appetite for the safe-haven asset, says Lukman Otunuga, research analyst at FXTM. Spot metal have fallen nearly to $1,315 both Thursday and Friday, the weakest levels in roughly five weeks. “The yellow metal is likely to receive further punishment if the dollar continues to appreciate,” Otunuga says. “Taking a look at the technical picture, gold has scope to depreciate towards $1,300 if bears can maintain control below $1,324.” As of 8:48 a.m. EDT, spot gold was up just $1.50 to $1,317.80, unable to recoup much of its recent weakness.

By Allen Sykora of Kitco News; asykora@kitco.com

 

MKS: Gold Posts Close Below 100-Day Average

Friday April 27, 2018 08:57

Gold closed Thursday below the 100-day moving average, points out Tim Brown of precious-metals trading and sales with MKS (Switzerland) S.A. Spot metal fell as far as $1,315.50, while the 100-day average was at $1,320. “Gold is looking weaker after the close below the 100 DMA,” Brown says. “If the U.S. dollar remains bid we could see a test of the psychological $1,300 level.” He calls for resistance around the $1,325 area. As of 8:45 a.m. EDT, spot gold was up $1.70 so far Friday to $1,318.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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