martes, 10 de septiembre de 2013

martes, septiembre 10, 2013


September 6, 2013 6:04 pm

Gold jumps on dented ‘taper’ expectations
 

Gold took its cue from weaker than expected US jobs data, bouncing back from a two-week low on Friday following figures that tempered expectations of an end to the Federal Reserve’s bond-buying programme.
 
The yellow metal climbed more than 2 per cent to $1,392 an ounce after the US Labor department said 169,000 jobs had been added last month 11,000 fewer tan had been forecast by economists – before paring gains. It then traded at around $1,387, supported by a weaker dollar and comments from the Russian president, Vladimir Putin, at the G20 meeting in St Petersburg, pledging to support Syria in the event of a US attack.
 
“The August employment report is weak enough to seriously throw into doubt the tapering the market widely expected on September 18 [at the Federal Reserve meeting],” said Deutsche Bank strategist Alan Ruskin.

However, Friday’s advance was not enough to prevent gold, which hit a record high of $1,921 exactly two years ago, from registering its first back-to-back weekly decline since July. Gold has been a major beneficiary of ultra-loose monetary policy from the Fed and its bond-buying programme.

“What we have seen today and this week is a duel between the influences of robust physical demand in China and the likely return of India and reduced investor interest in gold as expectations for tapering continue to influence the market”, said James Steel, chief precious metals analyst at HSBC.

Figures released this week showed China had imported 129.2m metric tonnes of gold from Hong Kong in July, the third time in as many months that imports have exceeded 100 tonnes. China remains the key driver of gold demand, and is able to offset weak investment demand to some extent,” commented analysts at Commerzbank.

Gold has rallied 17 per cent since hitting a near three-year low in June. The slump in prices stoked strong demand for jewellery and coins in Asia. Gold also benefited from concerns the US will attack Syria for its alleged use of chemical weapons against civilians.

Demand from India, the world’s top consumer of bullion, usually picks up between September and December because of the festival of Diwali and the wedding season. However, Walter de Wet, analyst at Standard Bank, said this year was likely to be different.

Firstly the Indian rupee is weak and gold in rupee is close to all-time highs. Not only may the high gold price in rupee dampen buying, but it may attract scrap selling,” he said. “Secondly, we have seen strong buying at lower prices during May to July, and combined with Indian import duties, the seasonal pick-up in demand may be much lower than previous years.”

 
Copyright The Financial Times Limited 2013.

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