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Gold was up this week for the second time in three days, with most of the gains occurring in India and China, the world’s largest consumers of the precious metal.
The price of gold increased for the second time in three days, with most of the gains occurring in India and China, the world’s largest consumers of the precious metal. The price of gold for June delivery increased $17.359, to $1,466.60 per ounce on the COMEX in New York, according to Bloomberg.
Michael Smith, the president of Florida-based T&K Futures & Options, said imports in China have been even higher this month compared to March.
MKS Capital’s head of trading, Afshin Nabavi, told Reuters that stronger equities and ETF liquidation put pressure on prices yesterday; however, they also increased physical buying in Asia. He added that since there will not be much macro news this week, the metal will most likely remain between $1,440 and $1,480.
