Make Kitco Your Homepage
Market Nuggets

Commerzbank: Swiss Gold Exports To India Rise; Indian Prices Back To Premium

Commerzbank cites signs of improving physical gold demand in India, including increased shipments to the country from Switzerland and a premium in Indian gold prices. Swiss data show the country exported 74.6 tonnes of gold to China, Hong Kong and India in September, Commerzbank says, adding that this was 13% more than in August although 29% less than September 2015. “Whereas gold exports to Hong Kong were not even half as high as they had been in the previous month, significantly more gold was shipped directly to China,” Commerzbank says. “What is more, Swiss gold exports to India climbed to their highest level since January, which points to demand recovering there. There are also other signs that this is the case; according to the All India Gems & Jewelry Trade Federation, gold prices in India this week were trading at a premium on world market prices again for the first time in nine months. According to the Federation, demand was recently boosted above all by the festival season.”

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

 

Comex Gold Holding Above 200-Day Moving Average

Thursday October 20, 2016 09:38

Comex December gold is holding above its 200-day moving average after climbing back above this on Wednesday for the first time in roughly a week, says one market watcher. This improves the technical posture of the market, the contact adds. As of 9:30 a.m. EDT, December gold was up $3 to $1,272.90 an ounce and above the 200-day average of $1,269.20. Other widely followed averages include the 20-day at $1,284.80, the 50-day at $1,313.90 and the 100-day at $1,317.60.

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

 

RBC’s Gero: Comex Gold Futures Stabilize

Thursday October 20, 2016 09:38

Comex gold is steady, “ignoring some headwinds,” says George Gero, managing director with RBC Wealth Management. The metal is up even though New York Fed President William Dudley says he anticipates a rate hike by year end. Meanwhile, the European Central Bank left interest rates unchanged. As of 9:12 a.m. EDT, Comex December gold was up $2 to $1,271.90. The December U.S. dollar index was up 0.14 point for the day to 98.08. “Gold (is) up last three days, acting better than many expect as currency weakness in many countries bring buyers,” Gero says. “Weak currencies are inflationary as in dollar terms, purchases cost more.” India is also “helping bring back buyers in gold” as the price in the country is now at a premium to the international market, he adds. Some support may be coming from the 13,000 rise to 260,000 initial U.S. weekly jobless claims, which was above estimates.

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

 

 

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.
kitco news