Another range bound night for the precious metal complex overnight, with gold trading between USD $1285 and USD $1298oz, as neither bulls nor bears can gain a...
Another range bound night for the precious metal complex overnight, with gold trading between USD $1285 and USD $1298oz, as neither bulls nor bears can gain a decisive advantage in terms of setting market direction. Earlier in the week we had Central Bank gold agreements - but yesterday we were treated to the World Gold Councils Q1 2014 gold demand report, which showed overall demand remaining very robust Highlights - Jewellery demand was over 550 tonnes for Q1 - best start since 2005 - Central Banks bought over 120 tonnes - 13th consecutive quarter of buying - ETF outflows halted Those were all positive signs, though bar and coin demand did fall 37% from Q1 2013's unprecedented levels, perhaps not surprising as many participants are trying to assess whether Golds solid start to 2014 is another dead cat bounce, or the start of a sustained uptrend. More details here (VIEW LINK)
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