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Gold Climbs in New York on Signs Physical Demand is Rebounding

*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.

Filed in: Economy, Latest

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