Commerzbank: Swiss Export Data Confirm Soft Asian Gold Demand
The mostrecent data on Swiss gold exports confirm muted gold demand in Asia lately,says Commerzbank. Analysts cited data from customs authorities showing thatSwitzerland 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 ofgold - 26.2 tonnes -- to India. On Tuesday, Commerzbank cited data from the Census and StatisticsDepartment of the Hong Kong government that also suggested soft Chinese demandfor gold. In particular, Commerzbank pointed out that net Chinese gold importsfrom 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 Sykoraof Kitco News; asykora@kitco.com
MKS: Gold Still Seeking DirectionAmid Italy Developments
Wednesday May 30, 2018 08:55
Gold continues to search fordirection 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 $1,300and more importantly the 200 DMA [200-day moving average] at $1,307.80 havebeen met with resounding resistance. Expectations are that Europeandevelopments and the continued softening of U.S. yields will underpin themetal; however, currently the downtrend needs to be respected, with interest toplay on the long side developing.” As of 8:47a.m. EDT, spot gold was up $3.20 to $1,301.60 an ounce.
By Allen Sykoraof Kitco News; asykora@kitco.com
BMO: Gold Stuck Near $1,300, HeldBack By Dollar Strength
Wednesday May 30, 2018 08:55
Gold ralliesremain 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 notbeen able to race ahead despite political turmoil in Italy. “Despite theongoing 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 haverisen slightly since Friday, but remain down on mid-May levels.”
By Allen SykoraFor Kitco News
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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.