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UK House Prices, Immigration, and Population Growth Trend Forecast

China Buys 16 Tons Gold In August – Dumps $94 Billion

Commodities / Gold and Silver 2015 Sep 08, 2015 - 01:56 PM GMT

By: GoldCore

Commodities

Given the strong demand fundamentals, particularly out of China, gold should go higher but as ever there is a risk of selling in the futures market leading to weakness in the short term as traders follow momentum and ignore fundamentals.


This demand continues and is being bolstered by official Chinese demand. The People’s Bank of China (PBOC) added another 15.98 tonnes of gold in August – at the same time its foreign exchange reserves fell a whopping $94 billion. The Chinese continue to diversify out of the dollar and into gold.

DAILY PRICES
Today’s Gold Prices: USD 1120.85, EUR 1003.49 and GBP 728.27 per ounce.
Yesterday’s Gold Prices: USD 1121.00, EUR 1004.03 and GBP 734.75 per ounce.
(LBMA AM)

Gold was marginally lower in gold trading in Singapore and this slight weakness continued to European trading with gold tethered to a remarkably tight $3 range between $1,123.70/oz and $1,120.50/oz.

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This update can be found on the GoldCore blog here.

Mark O'Byrne

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