RBC’s Gero: Comex Gold Eases As Jobs Report Leaves Fed On ‘Auto Path’
Gold futures eased modestly after a report showing U.S. nonfarm payrolls rose 201,000 last month, not far from expectations, leaving the Federal Reserve on its path toward more U.S. interest-rate hikes, says George Gero, managing director with RBC Wealth Management. “They are strong economic numbers that support the dollar and weaken gold temporarily,” Gero says. “It means the Fed will be on auto path.” Still, Gero adds, he looks for the pullback to be modest, citing good technical-chart support for Comex December gold around $1,200 an ounce. As of 8:32 a.m. EDT, the contract was down $3.20 to $1,201.30 an ounce.
By Allen Sykora of Kitco News; firstname.lastname@example.org
Commerzbank: India's Gold Demand 'Has Picked Up Noticeably'
Friday September 07, 2018 08:50
India’s gold imports have risen, says Commerzbank. Along with China, the country is one of the world’s largest two gold-consuming nations. Analysts cite preliminary data from the Ministry of Finance showing that India imported 92 tonnes of gold in August, more than twice as much as a year earlier. Analysts add that Thomson Reuters GFMS puts Indian gold imports in August at 100 tonnes. “GFMS believes that Indian gold manufacturers took advantage of the low prices – in mid-August, gold in Indian rupees was priced at its lowest level since the end of last year – to replenish their stocks,” Commerzbank says. “After a subdued first half year, Indian gold demand has picked up noticeably again since July.” Nevertheless, analysts add, GFMS data put Indian gold imports in the first eight months of the year nearly 13% lower year-on-year at 532 tonnes.