Gold Remained Well Supported Amid Further Technical Buying

Gold remained well supported amid further technical buying, trading within touching distance of the USD1,000 mark during US trade. While technical trading is in charge, US Investment fund flows also helped support prices, with the SPDR Gold Trust ETF seeinga 14.54 metric tonne increase in its gold investment holdings. ETF Securities Ltd’s gold investment holdings also gained 3,283oz to 7.99 million ounces yesterday, reported by Standard Bank.

These developments saw gold escalate to USD997 in New York despite the greenback strengthening from USD1.4350 to USD1.4236 against the euro. Profit-taking throughout Asian trade yesterday morning has seen gold ease to USD989 ahead of European trade.

Also providing support to gold prices are reports coming out of China that the country’s main sovereign wealth fund, the China Investment Corporation (CIC), is under pressure to cross-hedge its US dollar exposure by investing more funds into gold and oil. How quickly this transition takes place, if at all, is open for debate, however it has boosted sentiment. On the economic data front, the main data is the US non-farm payrolls.

Of note, Asian gold physical demand remains under pressure, with gold jewelry sales in Dubai slumping 30% y/y in Augustand with total Middle East gold demand sliding 18% y/y in Q2:09 to 72 metric tonnes. Although this is bearish for gold prices, it appears that some of the decline has been offset by investor flows into ETF’s.

Back to Malaysia, yesterday gold price close at buying RM114 per gram and Public Bank buying is at RM110.59 lower RM3.41 from international price.

Gold Investment Account as at 07/09/09 3:50 PM

Selling PriceBuying Price
1 gramRM 115.0700RM 110.5900


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