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Gold posts solid gain to start new trading week
May 5,2015 14:33CST
industry news
Source:SMM
Gold held onto gains throughout US trade as investors waded back into the market following last week’s sell-off.

Author: Paul Ploumis 05 May 2015 Last updated at 01:18:02 GMT

EDGWARE (Scrap Monster): Gold held onto gains throughout US trade as investors waded back into the market following last week’s sell-off.

Gold for for June delivery on the Comex division of the New York Mercantile Exchange was last up $12.00, or about one percent, at $1,186.50 per ounce. Trade ranged from $1,176.60 to $1192.10.

The yellow-metal fell to a six week low of $1,168.40 on Friday – a level that attracted opportunistic New York investors and Asian physical buyers.

“Physical demand in Asia appears to be picking up again at the currently lower prices. Traders in Shanghai are reporting physical premiums of $3-4 per troy ounce, as compared with $2 last week,” Commerzbank said.

With the declining prices, gold ETF holdings increased by 2.9 tons by the end of the week, compared to Monday’s holdings, Heraeus Metal Management noted.

“This development should support gold at the current level, technically support is seen around March’s lows at $1,150,” the broker said.

In the wider-markets this morning, the dollar was 0.33 percent stronger at 1.1161 against the euro, while the Dow Jones Industrial average and S&P 500 were up 0.29 percent and 0.30 percent respectively.

In data, eurozone PMI came in slightly better than expected at 52.0 in April from 52.2 in March. Any reading over 50 indicates economic expansion. Germany’s DAX France’s CAC 40 rose 1.44 and 0.7 percent respectively.

Markit China PMI, meanwhile, remained below the neutral 50.0 value at 48.9 in April, down from 49.6 in March, signalling deterioration in the health of the sector for the second successive month.

“China’s manufacturing sector had a weak start to the second quarter, with total new business declining at the quickest rate in a year while production stagnated,” Annabel Fiddes, Economist at Markit said. “Fewer new orders appeared to stem from weaker domestic demand, as new business from abroad showed tentative signs of improvement.”

As for the other precious metals, Comex silver for July delivery was up 27 cents at $16.405 per ounce. Trade has ranged from $16.125 to $16.765.

Platinum for July delivery on the Nymex was last up $18.60 at $1,148.30 per ounce, while the most-actively traded palladium contract was at $782.00 per ounce, up $8.25.
 

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