Goldhub blog: Posts from June 2019
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Gold: Trading at about $1407/oz after failing to hold onto the highs just shy of $1440/oz seen on Tuesday. The slightly firmer US dollar and modestly higher real US yields contributing to lower #gold prices in Europe on Wednesday. https://t.co/ebyOYBgRPd
Gold rose over 4% last week, its largest move in over 3 years
Gold had its largest weekly move to the upside since April 2016 (LBMA 3.4%, XAU 4.3%) continuing its move higher for a fifth straight week–this was likely driven by the US dollar falling sharply (-1.4%) and the price of gold breaking out of the key technical resistance level of $1,365 (discussed in depth on Friday).
Gold: Yesterday, India’s Ministry of Commerce released May trade data. India’s gold imports in May 2019 was 115.8 tonnes compared with 82.8 tonnes in May 2018.
This is this is the largest one-month import since August 2015. https://t.co/gPXIYpkrQ4
Gold OTC trading volume is 50% higher this month
With the recent rally, Gold trading volumes have increased significantly in June ($151bn vs ytd average of $115bn), particularly in the LMBA OTC market, which has seen averages increase 50% this month.
Takeaways from the SBMA's annual Asia Pacific Precious Metals Conference
I have spent the past few days at the Singapore Bullion Market Association’s annual Asia Pacific Precious Metals Conference in Singapore. An excellent event with good attendance from across the region, including attendees from Vietnam, Myanmar, Malaysia, Australia, China and India.
Gold and Islamic finance
The Islamic finance market is now valued at more than US$2tn and growing at a rapid rate. The association between Islamic finance and gold dates back many centuries but, until recently, Islamic savers were unclear whether they could invest in gold products. In 2016, the AAOIFI Shari’ah Standard on Gold, developed in collaboration with the World Gold Council, provided the clarity that investors needed.
Gold: At $1326.50 in early European trading on Monday, #gold is some $20+ off Friday's intraday high. https://t.co/2DBPBVAbYq
How gold-backed ETFs affect London's gold vault holdings
Sitting in-between the major trading centres of New York (COMEX) and Shanghai (Shanghai Gold Exchange) is the beating heart of the physical gold market: London.
After spending the preceding month around $1285/oz, #gold has moved quickly higher since 31 May, currently trading around $1322/oz after approaching $1330/oz earlier today. https://t.co/yWuhsY9vvg
