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Home / Metal News / Post-holiday China gold buying picks up

Post-holiday China gold buying picks up

Feb 26, 2015 22:20

Source:SMM

Chinese investors were in the mood to buy precious metals after coming back from the Lunar New Year break, said Sam Laughlin, analyst at MSK SA.

CHINA February 26 2015 9:33 AM

SHANGHAI (Scrap Register): Chinese investors were in the mood to buy precious metals after coming back from the Lunar New Year break, said Sam Laughlin, analyst at MSK SA, and noted that there was “strength across the board for the precious metals.”

He added that overnight premiums on the Shanghai Gold Exchange hovered around $4, “with good demand evident throughout the entire first session after the week long break.”

The key now will be to see if gold can break through near-term resistance at $1,215 an ounce.

The most active April gold contract on the COMEX division of the New York Mercantile Exchange was last traded up $10.70 to $1,208 an ounce an ounce on Wednesday.

China gold demand

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