Today’s AM fix was USD 1,187.00, EUR 950.36 and GBP 759.49 per ounce. Friday’s AM fix was USD 1,154.00, EUR 926.31 and GBP 736.20 per ounce.
Gold and silver both finished up for the week at 1.31% and 3.56% respectively after prices spiked higher after the Asian and European markets were closed late in trade Friday.
Gold in U.S. Dollars - 5 Days (Thomson Reuters)
Gold hovered at two week highs on Monday, after a short covering rally and gold buying Friday. Spot gold was at $1,187.20 an ounce by 0724 GMT, after earlier rising to a two-week high of $1,193.95. Friday’s jump over 2% allowed the metal to break out of a key technical level of $1,180.
Bearish bets on gold futures and options by hedge funds are near a record, according to CFTC data. Trading today on the Shanghai Gold Exchange’s benchmark bullion spot contract was the highest since April 2013.
Despite hugely negative sentiment towards gold, it is worth bearing in mind that gold is down just 1.3% this year.
Asian demand, and particularly Chinese and Indian demand, continues to be very robust.
India's October gold imports surged 280% year on year to $4.18 billion, the trade ministry said today.
Ongoing softness in global gold prices is prompting more buying in the United Arab Emirates and in the Middle East. As jewellery buyers and store of wealth gold coin and bar buyers snap up gold in its various forms. There are estimates from the local jewellery trade showing that retail offtake for the full year in the UAE could be up by 15-20% in volume terms (in kilograms) on 2013, according to Gulf News.