MKS: Trump Comments, Chinese Demand Underpin Gold
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, “continueddemand out of China saw the on-shore premium move toward $6. It was a generallyorderly ascent for gold, consolidating above $1,190 in early-session flows,before moving through $1,195....” Should gold climb above the $1,200 level, thiswould “no doubt test the extended short [bearish] positioning,” MKS adds. As of8:56 a.m. EDT, spot gold was 35 cents higher at $1,190.70 an ounce but earliertraded around $1,196, its strongest level in a week.
By Allen Sykoraof Kitco News; asykora@kitco.com
Commerzbank: ETFs, Russia Add To Gold Holdings
Tuesday August 21, 2018 09:11
Exchange-traded funds have posted inflows ofgold again, and Russia added more metal to official reserves last month, saysCommerzbank. “After gold ETFs tracked by Bloomberg recordedoutflows all of last week, they saw a marginal but noticeable inflowyesterday,” the bank says. “The Russian central bank likewise appears to havetaken advantage of the low gold prices and bought more gold in July than in theprevious months. By its own account, holdings were increased by 839,000 ouncesor 26.1 tonnes. The last time the Russian central bank bought more gold in onemonth was in November.”
By Allen SykoraFor Kitco News
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