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China Buys 16 Tons Gold In August – Dumps $94 Billion


 -- Published: Tuesday, 8 September 2015 | Print  | Disqus 

Given the strong demand fundamentals, particularly out of China, gold should go higher but as ever there is a risk of selling in the futures market leading to weakness in the short term as traders follow momentum and ignore fundamentals.

Chinese Gold Reserves

This demand continues and is being bolstered by official Chinese demand. The People’s Bank of China (PBOC) added another 15.98 tonnes of gold in August – at the same time its foreign exchange reserves fell a whopping $94 billion. The Chinese continue to diversify out of the dollar and into gold.

DAILY PRICES
Today’s Gold Prices: USD 1120.85, EUR 1003.49 and GBP 728.27 per ounce.
Yesterday’s Gold Prices: USD 1121.00, EUR 1004.03 and GBP 734.75 per ounce.
(LBMA AM)

Gold was marginally lower in gold trading in Singapore and this slight weakness continued to European trading with gold tethered to a remarkably tight $3 range between $1,123.70/oz and $1,120.50/oz.

IMPORTANT NEWS

Gold Inches up in Asia Trade – The Wall Street Journal
Gold stable, net long position up for fifth consecutive week – The Bullion Desk
Perth Mint Gold and Silver Sales Solid in August – CoinNews.net
China FX reserves fall record $93.9 bln in Aug as central bank supports yuan – Yahoo Finance
Hollande Readies Syria Air Strikes as Response to Refugee Crisis – Bloomberg

IMPORTANT COMMENTARY

Read the stories above on our News and Commentary page

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 -- Published: Tuesday, 8 September 2015 | E-Mail  | Print  | Source: GoldSeek.com

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