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Commerzbank: Swiss Export Data Confirm Soft Asian Gold Demand

Kitco News

The most recent data on Swiss gold exports confirm muted gold demand in Asia lately, says Commerzbank. Analysts cited data from customs authorities showing that Switzerland exported only 43.7 tonnes of gold to China and Hong Kong in April, the least since September. Switzerland likewise exported only a small amount of gold – 26.2 tonnes -- to India. On Tuesday, Commerzbank cited data from the Census and Statistics Department of the Hong Kong government that also suggested soft Chinese demand for gold. In particular, Commerzbank pointed out that net Chinese gold imports from Hong Kong fell to 38.4 tonnes in April, which was a decline of 35% month-on-month and 48% year-on-year.

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

 

MKS: Gold Still Seeking Direction Amid Italy Developments

Wednesday May 30, 2018 08:55

Gold continues to search for direction based on the political turmoil in Italy, and to a lesser extent, Spain, says Samuel Laughlin of precious metals trading and sales with MKS (Switzerland) S.A. He comments that “any attempts to consolidate through $1,300 and more importantly the 200 DMA [200-day moving average] at $1,307.80 have been met with resounding resistance. Expectations are that European developments and the continued softening of U.S. yields will underpin the metal; however, currently the downtrend needs to be respected, with interest to play on the long side developing.” As of 8:47 a.m. EDT, spot gold was up $3.20 to $1,301.60 an ounce.

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

 

BMO: Gold Stuck Near $1,300, Held Back By Dollar Strength

Wednesday May 30, 2018 08:55

Gold rallies remain contained by recent U.S. dollar strength, suggests BMO Capital Markets. As of 8:47 a.m. EDT, spot gold was up $3.20 to $1,301.60 an ounce but has not been able to race ahead despite political turmoil in Italy. “Despite the ongoing Italian political uncertainty and renewed China-U.S. trade tensions, gold prices remain stuck around the $1,300/oz level as the stronger USD [dollar] weighs,” BMO says. “Gold ETF [exchange-traded-fund] holdings have risen slightly since Friday, but remain down on mid-May levels.” 

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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