Are gold prices coming back up?
“The SPDR Gold Trust, the largest gold exchange-traded fund, saw its first daily inflow since June,” according to the FT. “Outflows from the fund have been a driver of gold’s tumble of nearly 30 per cent from the start of the year to a low of $1,180 in June.” Suki Cooper of Barclays “warned, however, that this could spell further price falls: ‘Although short positions remain elevated, leaving scope for additional short covering activity, changes in the market perception with respect to Fed tapering or weaker than expected data could trigger a re-establishment of the record gross shorts, exacerbating the downside for gold prices.'”
On Monday, August 12, the day’s biggest mover was Indian gold bullion, which saw a 4.2 percent increase.
Chinese gold bullion gained 1.8 percent. US gold bullion prices inched up 0.2 percent. The price of Japanese gold bullion remained essentially flat.
Chinese silver saw its price rise 2.8 percent. The price of US silver increased 1.5 percent. Following two days of rising prices, the price of Indian silver dropped 1.4 percent. The price of Japanese silver showed little movement yesterday.
After a 1.3 percent increase, Chinese platinum bar finished the day up. US platinum bar prices rose 0.8 percent. Japanese platinum bar stayed flat.
Chinese palladium bar gained 0.6 percent. The price of US palladium bar increased 0.5 percent. Japanese palladium bar saw little change in its price on Monday.