*from www.bloomberg.com, April 18, 2013 (To view original article click here.)
Take Away #1: Gold prices climbed in New York on signs that demand is rebounding among consumers and investors.
Key Facts and Figures:
- Gold futures for June delivery rose 0.3 percent to $1,387.10 an ounce at 10:23 a.m. on the Comex in New York.
- The precious metal reached $1,321.50 on April 16, the lowest since January 2011.
- Trading was 67% higher than the average for the past 100 days for this time of day, according to data compiled by Bloomberg.
- Gold retail sales tripled across China from April 15 to April 16, the China Gold Association said.
- In India, demand climbed to the highest this year, according to the All India Gems & Jewellry Trade Federation.
- The nations are the world’s top bullion buyers.
- Prices also gained as manufacturing in the Philadelphia region expanded in April at a slower pace than projected.
- The metal has slumped 17% this year as improving global growth cut demand for haven assets.
Key Facts and Figures:
Take Away #2: Due to the latest turn to bearish macro sentiment, a further fall in gold has been prevented for now, said Bjarne Schieldrop of SEB AB.
Key Facts and Figures:
- A surge in physical demand is “positive for gold and supportive,” said Schieldrop.
- The U.S. Federal Reserve said in its Beige Book business survey yesterday that the U.S. expansion remained moderate.
- European car sales are heading to a 20-year low.
- Bullion slumped into a bear market on April 12 after 12 years of gains.
- Prices also tumbled on concern that Cyprus may lead other European states in selling gold from their reserves, according to Goldman Sachs Group Inc.
- The plunge was one of the largest corrections in modern history, according to Deutsche Bank AG.
Key Facts and Figures:
Take Away #3: Holdings in bullion-backed exchange-traded products fell 3.5% this month to 2,364.9 metric tons, according to data compiled by Bloomberg.
Key Facts and Figures:
- Assets in the SPDR Gold Trust, the biggest ETP backed by the metal, are at the lowest since April 2010.
- There is the potential for a further decline in ETP holdings, Goldman Sachs said.
- About 11% of the existing assets were bought at levels at or above current prices, Goldman said.
Key Facts and Figures:
Take Away #4: Silver futures for May delivery declined.
Key Facts and Figures:
- Silver futures for May delivery dropped 0.5% to $23.19 an ounce.
*To view original article from www.bloomberg.com click here.