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POPULAR NEWS
Wall. St. Sees More Weakness In Gold Price; Main St. Leans Bullish

Wall Street looks for the recent slide in gold prices to continue, while the largest block of Main Street voters is bullish, according to the Kitco News weekly survey. Nineteen market professionals took part in the survey. There were 12 votes, or 63%, calling for gold prices to fall. There were four votes, or 21%, calling for gold to rise, while three voters, or 16%, look for a sideways market. Meanwhile, 642 voters responded in an online Main Street survey. A total of 280 respondents, or...

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Physical Gold Demand Rises In First Half, But Market Sees Surplus –GFMS
Thursday, 27 July 2017 16:22 WIB | GOLD CORNER |EMAS

Physical gold demand globally rose to 1,895 tonnes in the first half of 2017, up 17 percent from the same period last year, GFMS analysts at Thomson Reuters said.

But the market saw a surplus of 138 tonnes in the first six months compared with a balanced market in the same period last year, despite supplies shrinking more than five percent to 2,160 tonnes.

That was mainly due to physically-backed exchange traded funds, where demand fell to 145 tonnes from 569 tonnes.

"After the rollercoaster ride of events for the gold market in 2016, from a jewellers' strike to Brexit to Trump to demonetisation, 2017 has avoided similar market moving events in the first half," GFMS said in a report on Thursday.

"The first half of this year has arguably been more of a reversion to normality ... with neither the highs of ETF demand or lows of seriously struggling Asian demand."

Demand in China, a top consumer, fell seven percent to 292.7 tonnes. In India, another major market, demand nearly doubled to 307.6 tonnes, ahead of a three percent tax levied from July 1.

"Given the introduction of the Goods & Services Tax (GST) in India there is a relative hiatus in imports to that crucial market at present," GFMS said.

"This is leaving gold prices susceptible to softness, not least as it is often Indian demand that responds positively to price weakness."

GFMS expects to see gold prices fall below $1,200 an ounce over summer in the northern hemisphere before recovering to average around $1,256 an ounce in the last quarter of 2017, due to a "seasonal upturn in demand in Asia and a recovery in western investment".

"The latter may well be buoyed by geopolitical instability and/or potential correction to equity markets. Indeed, the S&P 500 is already in its second longest bull run since World War Two," GFMS said.

 

Source: Reuters

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POPULAR NEWS
Wall. St. Sees More Weakness In Gold Price; Main St. Leans Bullish

Wall Street looks for the recent slide in gold prices to continue, while the largest block of Main Street voters is bullish, according to the Kitco News weekly survey. Nineteen market professionals took part in the survey. There were 12 votes, or 63%, calling for gold prices to fall. There were four votes, or 21%, calling for gold to rise, while three voters, or 16%, look for a sideways market. Meanwhile, 642 voters responded in an online Main Street survey. A total of 280 respondents, or...

Gold books back-to-back loss to finish around 2018's lows

Gold prices on Monday fell for a second straight session, failing at an earlier attempt to rebound to book another finish at their lowest in roughly a year. Prices for the metal declined as U.S. economic data did little to unseat expectations for higher interest rates over coming months”an outlook that has driven the greenback higher this year and helped to sink dollar-denominated gold. August gold fell by $1.50, or 0.1%, to settle at $1,239.70 an ounce. Prices based on the most-active...

Gold Holds Drop Amid Trade Tension; Powell Speech Eyed

Gold holds drop amid ongoing trade tensions and as investors await Federal Reserve Chairman Jerome Powell's speech later this week for further clues on the central bank's monetary policy path. Bullion for immediate delivery little changed at $1,243.55/oz at 9:27am in Singapore, after lost 0.3% Friday, according to Bloomberg generic pricing. This metal lost 0.9% last week. Bloomberg Dollar Spot Index flat after added 0.6% last week. œWhile the USD strength is...

China Stocks Hold Loss After GDP Meets Estimates; Xiaomi Tumbles

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Oil prices dip as markets eye potential supply increases

Oil prices fell on Monday as concerns about supply disruptions eased and Libyan ports resumed export activities, while traders eyed potential supply increases by Russia and other oil producers. Brent crude futures were down 26 cents, or 0.4 percent, at $75.07 a barrel at 00:57 GMT. U.S. West Texas Intermediate (WTI) crude was down 27 cents, or 0.4 percent, at $70.74 a barrel. Supply outages in Libya and strike action in Norway and Iraq pushed oil prices higher late last week, although...

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