Gold may rise for a fourth day in New York as his concern about the debt crisis in Europe is driving demand for wealth protection and imports from China rose ingots. Palladium rose to a maximum of nine years.
gold imports from China increased almost fivefold in the first 10 months of the total amount last year as concern about rising inflation increased gold's appeal, the Shanghai Gold Exchange said. The dollar fell against the euro in the European Central Bank kept interest rates at record lows, and as investors waited to see if the bank will extend the incentive measures to combat the crisis in the region of the debt. Gold futures reached a record $ 1424.30 an ounce on November 09.
"While the return of risk appetite has not crimped gold's appeal as a safe, decent resistance is the blocking of yellow metal back $ 1,400," said Edel Tully, an analyst at UBS AG in London, in a report . "Today the market's attention will focus on the European Central Bank meeting, and comments from Chinese imports are often added to gold's appeal," he said.
Gold futures for February delivery added $ 1.10, or 0.1 percent, to $ 1,389.40 an ounce at 8:01 am on the Comex in New York. Yesterday's price was $ 1398.30, the highest since Nov. 12. The metal for immediate delivery in London was 0.1 percent, to $ 1,389.18.
Bullion rose to $ 1,390 an ounce in the morning "fix" in London, used by some mining companies to sell production, from $ 1,385.50 in the afternoon yesterday fixing.
The euro this week fell to a two-month low against the dollar as concern deepened the crisis in the region of the debt would be extended. Today's policy makers kept their benchmark rate to 1 percent. ECB President Jean-Claude Trichet, will hold a press conference in Frankfurt at 8:30 am New York.
China imports gain
Imports of China won to 209 metric tons versus 45 tons for all of 2009, Shen Xiangrong, president of the bag, said at a conference in Shanghai today. The country is the world's largest producer of gold and the second largest user. Investment demand in China may reach 150 tons this year, up from 105 tons last year, Albert Cheng, managing director of Far World Gold Council East department, said at a conference in Shanghai today.
"People do not need to buy gold as a hedge against inflation and tighter monetary policy the country's policy units of investors in gold shares and property," said Hiroyuki Kikukawa, general manager of research at IDO Securities Co. Tokyo. China's demand will continue to grow, making the country one of the leading importers, along with India, he said.
Gold Assets
gold assets in products traded up 7.65 tons to 2094.48 tons yesterday, the highest number since 27 October. Holdings reached a record 2,104.65 tonnes on 14 October. won silver holdings to 71.45 tonnes 14,851.49 tonnes, data from four suppliers of entertainment.
Silver for March delivery in New York added 0.1 percent to $ 28.45 an ounce. The metal is up 69 percent this year and touched $ 28.88 yesterday, the highest level since 09 November, when it reached a 30-year high of $ 29.34.
Palladium for March delivery rose as much as 3.1 percent to $ 754.75 an ounce, the highest since April 2001 and was last at $ 741. Platinum for January delivery was 1.3 percent, to $ 1706.70 an ounce.
Platinum and palladium are used to make devices to control pollution from cars. U.S. sales of light vehicles rose 17 percent in November, Autodata Corp. said yesterday. The seasonally adjusted annual sales rate was 12.3 million, matching the rate in October, which was the fastest since the U.S. government "Cash for clunkers" in 2009.
0 comments:
Post a Comment