Heraeus Weekly Report
GOLD
Gold could hold the price gains of the previous week and has not only been defending support at 1,180 $/oz successfully but also closed marginally above the 1,200 $/oz mark. The metal thus recorded a weekly gain of 1%. After significantly increased gold imports in Q3 to India there are new discussions on regulatory measures like an increase of import duties. The latter is currently discussed by the Indian Central bank and the government for the purpose of compensation of the trade balance and an adjustment is expected shortly so that demand from India will suffer. Support was seen through central bank purchases: as for example the Russian Central bank explained last week that Gold makes up 10% of their reserves and that this year so far 150 tons have already been purchased. The Dutch central bank in turn got itself much talked about after pulling back gold from the US and returning it to Amsterdam. (Read more...)
