Gold Prices Rise After Buying From Central Banks And Investment Funds
Gold Prices Rise After Buying From Central Banks And Investment Funds, Remember the gold gains in a rally that lasted two days, with the support of the falling dollar, but the descent of oil prices and the state of uncertainty regarding the pace of raising US interest rates rise in the future braking yellow metal. While gold has received support from a significant increase in the assets of the largest fund indicators powered gold last week, suggesting resumption of outflows this week that investors are still cautious. And settled Spot gold trading at $ 1079.20 an ounce, after rising 2.5 percent during the previous two sessions.
And increased the fund’s assets «Drives DVD-R», the biggest indicators of a fund, backed with gold, about 19 tons the end of last week, the first increase in two months and the largest in four years, but the outflow followed by three tons yesterday. The price of silver fell 0.1 percent to $ 14.25 an ounce, and palladium 0.12 percent to $ 548.4, while platinum rose 0.2 percent to $ 874.45 an ounce.
The data showed that the International Monetary Fund said yesterday that Russia and Kazakhstan have continued to buy gold and fostered than in November (last November). And Kazakhstan have increased their reserves of gold to 7.03 million ounces, ie 218.657 tonnes, adding to the buzz about their reserves in October (last October), a 38th monthly increase in a row. She said Russia reserves to 22 tonnes of gold to reach 1392 tons, ie 44.78 million ounces, the ninth consecutive monthly increase.
Turkey has increased, which is accounted for by commercial banks reserves, part of the national reserves, gold reserves has about nine tons last November. In turn, China’s central bank announced the purchase of about 21 tonnes of gold in November. A big purchases and sales carried out by the central banks, to influence the gold which is currently moving near the lowest level in 6 years the Gold prices.
In the report, told Reuters James Steel, analyst at HSBC, said: “Gold prices will be determined during the holiday period, according to the volume of transactions, and then comes the evolution of any cash or terms of the evolution of the basic factors.” “I leave the weak trading volumes Price subject to violent movements one way or another.”
This has been the market rose on Thursday amid thin trade ahead of the holiday season after a two-day losses because of the weakness of the dollar and with the continued recovery of oil from the lowest level in years.
Gold rose 0.3 percent in the spot contracts to $ 1073.60 an ounce ounce by 0655 GMT, after a 0.7 percent down in the previous two sessions.
And it will close a lot of business centers around the world early on Thursday and remain closed on Friday on the occasion of the Christmas holiday and will continue each closed on Monday.
Gold – You Can Trade Gold With Gold Digger Trade – is associated with the oil in a positive way as the precious metal is a hedge against oil-led inflation. Crude oil prices rose for a fourth straight session on Thursday after hitting its lowest level since the beginning of 2009 on Monday.
Silver rose 0.1 percent to $ 14.31 an ounce and palladium rose 1.1 percent to $ 558.01 as platinum rose 0.85 percent to $ 874.74 an ounce.