Prices have advanced for five straight sessions
Prices have advanced for five straight sessions, lifted by bargain buying, investor confidence in commodities and a return of some refuge investment by market participants worried about the viability of the economic recovery. Gold is sometimes bought on the belief that it holds its value better than other assets during economic turmoil. U.S. equities haven't shown consistent direction in the last two weeks as investors weigh the impact of largely mixed economic data, leading to increased attention to gold as a hedge.
Physical demand boosted gold Wednesday, as buyers in Asia who entered the market when prices fell below $1,180 an ounce continued to show interest in the metal, said Standard Bank analyst Walter de Wet. Bargain buying has provided a floor under gold prices during recent pullbacks, and analysts say physical interest should continue, supported by a seasonal boost in demand from India, the world's largest gold jewelry market. Indian consumers use gold for decoration and investment purposes.
Gold was also lifted by bets that a shift in Chinese policy toward gold trading would boost that country's demand for the metal. The People's Bank of China said Tuesday that the
rer government would increase the number of commercial banks allowed to import and export gold.
阅读(103) | 评论(0) | 转发(0) |
