Gold makes steady start as consumer show interest


Gold held the gains registered right at the end of 2014 with reports of a revival in buying interest by consumers ahead of the New Year festival in China.

Before the late rally, the metal’s price had been weak in the run-up to the New Year.

Talk of Greece leaving the Eurozone sent the US dollar to almost a nine-year high against the euro, putting pressure on gold its traditional hedge.

In euro terms, however, the gold price is now over €1,000 per troy ounce or its highest level since September 2013.   

Gold demand in China had continued to revive, traders also noted.

Net imports from Hong Kong were 99 tons in November, the best since February and higher for a fourth month running.

Reports from India, meanwhile, suggested the government in the country is looking at ways to import gold while also keeping the country’s balance of payments under control.

India imported 151 tonnes of gold in November, worth $5.61bn in total, but its trade deficit has surged in tandem.

Shortly after the US opened, spot gold was trading US$6 higher at US$1,194. Silver was US$15.99 while platinum was flat at US$1,201.

Major movers

Randgold Resources up 121p at 4,534p

Fresnillo up 14p at 779p

Anglo American up 35p at 1,150p

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