Commodity Blog

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Physical Demand Pushes Gold Higher

May 8, 2013 at 21:19 by Vladimir Vyun

Gold futures rallied today on signs of physical demand in India and China. The recent big drop of prices attracted buyers to the metal.

Gold has dropped 12 percent so far this year. There was limited demand for the precious metal as investors were attracted to the stock market. Equities were rallying almost without pause and the Standard & Poor’s 500 Index reached a record high.

Still, analysts remain bullish on the metal in the mid- to long-term. Steve Allen, a managing partner at Greenbriar Partners, named in the interview to Mineweb various reasons for gold to rise, including physical buying and continuous quantitative easing in countries around the world.

June futures for delivery of gold surged $24.30 (1.68 percent) to $1,473.10 per troy ounce as of 21:15 GMT on COMEX today.

If you have any questions and comments on the commodities today, use the form below to reply.

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