Commodity Blog

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Demand for Gold Still High

January 8, 2013 at 21:44 by Vladimir Vyun

Gold rallied today on sings of increasing demand from China. Other precious metals also advanced. Consumption in other countries shows signs of an increase too as Japan’s pension funds more than doubled their gold reserves and purchases of US coins grew.

Still, the metal remains under pressure after last week’s minutes of the Federal Reserve policy meeting. The Fed suggested that its stimulating program may end this year. Gold’s gains were relying for a most part on monetary easing from various central banks, especially from the US one, and prospects for an end to stimulus are very negative for the precious metal.

Gold futures for delivery in February rallied as much as $12.70 (0.77 percent) to $1,659.00 per troy ounce and March contract for silver advanced $0.32 (1.06 percent) to $30.40 per ounce as of 21:34 GMT on COMEX today. Platinum (spot price) rose $26.25 (1.69 percent) to $1,581.50 per ounce, while palladium went up $3.40 (0.60 percent) to $673.80 per ounce.

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