2009-10-26

5.7% y/y increase in Indian physical gold sales during this year’s Diwali















Gold has come under pressure last week, slipping from $1,064 to $1,057 as the greenback strengthened from $1.5064 to $1.4991 against the euro. With gold also closely tracking crude oil prices (the 5-day rolling correlation between front-month WTI crude and spot gold at 0.64), WTI crude’s dip, from $81.80/bbl to $81/bbl in electronic trade, also weighed on the gold
price.

However, gold could benefit from positive news on the demand side after the World Gold Council reported a 5.7% y/y increase in Indian physical gold sales during this year’s Diwali week (12-17 October) but Investor holdings in the by Goldessential monitored gold-backed exchange-traded funds were seen decreasing 17.293 tonnes (555,973 ounces) or 1.07 pct in the week from October 15th up to and including October 22th, in-house calculations based on official data showed on Friday. Base on the chart gold primary support and resistance are at $1,054 and $1,066 respectively for this week.

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