Gold Price Will Supported Above USD1,000 Base On ETF Data

Gold garnered support after slipping from USD996 to USD982 in London trade yesterday with the price fall being seen as a buy opportunity. The greenback weakened further this morning, slipping from USD1.4571 to USD1.4629 against the euro, propelling gold from USD994 to USD1,003 in Asian trade this morning.

Elsewhere of note, ETF Securities Ltd’s gold investment holdings increased 48,393oz. Monitored investor holdings report from Goldessential.com, base on 10 monitored gold-backed exchange-traded funds were seen increasing 4.871 tonnes (156,615 ounces) or 0.31 pct in the week from September 4th up to September 11th, in-house calculations based on official data showed on Friday. Four of the ten ETF’s announced an inflow and five ‘no change’. One of the monitored ETF’s reported a decline in holdings over the reported period.

On the supply side, Statistics South Africa reported the country’s gold production contracted 7.6% y/y in July. Given abundant above-ground physical gold supplies globally, this doesn’t appear to have had a significant impact on supply just yet, though should production continue to struggle over the rest of the year it may lend support to prices.

Base on the report, Gold price will be supported and if it can hold above USD1,000 for this week so it will never trade under USD1,000 again till end of this year.

Public Bank Gold Investment Account as at 11/09/09 3:51 PM

Selling PriceBuying Price
1 gramRM 115.1600RM 110.6700


Related Posts Plugin for WordPress, Blogger...

KLSE Info Zone

About This Blog

Malaysia Gold Investment

I found Gold Investment in Malaysia is a vary good tools to make profit when the market is down. I also found that Gold Price go up and down more slower compare to share market so to make money in long term, Gold is the right tools. This blog is all about Malaysia Gold Info and the way to make profi

Blog Malaysia


  © Free Blogger Templates 'Greenery' by Ourblogtemplates.com 2008

Back to TOP