Tuesday, March 5, 2013

Gold Up On Asia Buying

SINGAPORE, March 4 (Reuters) - Gold inched up on Monday, bouncing from a one-week low hit on Friday, supported by physical buying in Asia, but robust U.S. economic data dented bullion's safe-haven appeal. Automatic spending cuts that kicked off in the United States on Friday, pushing spot gold to its lowest level in more than a week, also continued to weigh. "The broad theme might be gold-negative, because the spending cuts are probably taking away a bit of the froth on the idea that policymakers are spending out of control and they will keep doing so until the recovery takes hold," said a Hong Kong-based trader.   LINK...
Government spending is Gold positive. If suitable, this is a good buying opportunity for long-term investors.   BK