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MKS: Trump Comments, Chinese Demand Underpin Gold

Kitco News

Spot gold has been boosted by remarks from U.S. President Donald Trump criticizing Fed Chair Jerome Powell for hiking U.S. interest rates, says MKS (Switzerland) S.A. Further, MKS says, “continued demand out of China saw the on-shore premium move toward $6. It was a generally orderly ascent for gold, consolidating above $1,190 in early-session flows, before moving through $1,195….” Should gold climb above the $1,200 level, this would “no doubt test the extended short [bearish] positioning,” MKS adds. As of 8:56 a.m. EDT, spot gold was 35 cents higher at $1,190.70 an ounce but earlier traded around $1,196, its strongest level in a week.

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

 

Commerzbank: ETFs, Russia Add To Gold Holdings

Tuesday August 21, 2018 09:11

Exchange-traded funds have posted inflows of gold again, and Russia added more metal to official reserves last month, says Commerzbank. “After gold ETFs tracked by Bloomberg recorded outflows all of last week, they saw a marginal but noticeable inflow yesterday,” the bank says. “The Russian central bank likewise appears to have taken advantage of the low gold prices and bought more gold in July than in the previous months. By its own account, holdings were increased by 839,000 ounces or 26.1 tonnes. The last time the Russian central bank bought more gold in one month was in November.”

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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