Commerzbank: Data Show Chinese Gold Demand 'Subdued'
Data on China’s gold imports from Hong Kong suggest thatChinese demand for the precious metal has been “subdued,” says Commerzbank.Analysts cite a report from the Census and Statistics Department of the HongKong government showing that China imported 59.4 tonnes of gold on a net basisfrom Hong Kong in March. “Though this was 79% up on the previous month, whichwas distorted by the New Year’s Festival, it was 47% down on last March,”Commerzbank says. “At 144 tonnes, net first-quarter imports were 25% downyear-on-year, confirming that gold demand is also subdued in China.”
By Allen Sykoraof Kitco News; asykora@kitco.com
FXTM: 'Gold Has ScopeTo Depreciate Towards $1,300'
Friday April 27, 2018 08:57
Gold prices are beingheld back so far Friday by a strengthening U.S. dollar, higher U.S bond yieldsand easing geopolitical tensions that have dented appetite for the safe-havenasset, says Lukman Otunuga, research analyst at FXTM. Spot metal have fallen nearly to$1,315 both Thursday and Friday, the weakest levels in roughly five weeks. “Theyellow metal is likely to receive further punishment if the dollar continues toappreciate,” Otunuga says. “Taking a look at the technical picture, gold hasscope to depreciate towards $1,300 if bears can maintain control below $1,324.” As of 8:48 a.m. EDT, spot gold was upjust $1.50 to $1,317.80, unable to recoup much of its recent weakness.
By Allen Sykoraof Kitco News; asykora@kitco.com
MKS: GoldPosts Close Below 100-Day Average
Friday April 27, 2018 08:57
Gold closedThursday below the 100-day moving average, points out Tim Brown of precious-metals trading and sales with MKS(Switzerland) S.A. Spot metal fell as far as $1,315.50, while the 100-day average wasat $1,320. “Gold is looking weaker after the close belowthe 100 DMA,” Brown says. “If the U.S. dollar remains bid we could see a testof the psychological $1,300 level.” He calls for resistance around the $1,325area. Asof 8:45 a.m. EDT, spot gold was up $1.70 so far Friday to $1,318.
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.