2010-03-31

Gold physical buying interest still up

Report show that We still see great gold physical buying interest on approach of $1,100. But while support for gold is growing, we fail to see sufficient upside momentum to sustain a rally, as the dollar view is for the greenback to strengthen further against the euro however loss value against Asia. This, combined with strong physical gold demand, convinces that gold in euro will move higher but Asia will move lower.

Gold physical buying interest has slowed substantially since mid- February, as indicated by physical gold index which dropped below zero in February — only a few days after the Chinese New Year. A drop below zero indicates that physical selling outpaces buying. However, the index has risen sharply since the beginning of March, and has continued to rise till this week.

In this week Malaysia Gold price was fall to hits RM 116 per gram due to increase of value against US dollar and this keep gold physical buying interest up. This can be see by POH KONG HOLDINGS BHD net profits grew 64.6% to RM7.49 million in the second quarter (2Q) of its financial year ending July 31, 2010 from RM4.55 million in the same period a year ago.

2Q revenue grew 7.4% to RM144.21 million from RM134.24 million in the same period a year ago. Second quarter earnings per share rose to 1.83 sen from 1.11 sen a year back.

The company said in a statement to Bursa Malaysia on Monday, March 29 that the increase in sales and profits were due to higher jewellery purchases during the festive seasons. Poh Kong also said that it “remains positive on its performance for the financial year ending 31 July 2010”.

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