Commodities

Friday,25 July,2014

Gold bounces off 5-wk. low
Gold futures edged higher Friday, bouncing off a five-week low but remaining below $1,300 U.S. an ounce as a record run for U.S. equities continued to curb safe-haven demand for the yellow metal.

Gold for August delivery rose $4.40, or 0.3%, to $1,295.20 U.S. an ounce. September silver added seven cents, or 0.3%, to $20.485 U.S. an ounce.

Data on Chinese gold imports released by Hong Kong’s statistics department on Thursday showed only 40.5 tons of gold were imported on a net basis from Hong Kong to China in June, down 23% from May and 61% year-on-year, according to some media outlets. That’s the fourth straight month of declines and the lowest level in 17 months.

While some gold imports via a free-trade zone established in Shanghai might not be captured in the figures, it still appears that overall demand is much weaker than had been anticipated.

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