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Gold loses shine but purchases sparkle
By Hu Xiaocen |
February 19, 2013, Tuesday
|
Print Edition
Print Edition
GOLD prices lost their shine in Shanghai yesterday, tracking losses in global market prices over the week-long Spring Festival holiday last week, but the price drop boosted purchases to a record high.
Spot contract for gold of 99.99 percent purity on the Shanghai Gold Exchange dimmed to 327 yuan (US$52) per gram yesterday. But the lower price lured bargain hunters to buy over 22 tons during the day. On the last trading day before the holiday only three tons of this category were bought, the bourse said.
The price drop in Shanghai reflected the price tumble in global markets over the holiday. As a safe haven metal gold has been under pressure from the stronger US dollar on improving United States economic data.
Spot gold fell 1.8 percent to US$1,598 last Friday, and 3.4 percent for the whole week, the worst weekly showing since May. But gold rose 0.6 percent from a six-month low to US$1,619 per ounce yesterday after the Chinese market re-opened.
The World Gold Council said a strong growth in demand may not emerge although bullion consumption in China would remain firm this year given the improving economic signs.
Spot contract for gold of 99.99 percent purity on the Shanghai Gold Exchange dimmed to 327 yuan (US$52) per gram yesterday. But the lower price lured bargain hunters to buy over 22 tons during the day. On the last trading day before the holiday only three tons of this category were bought, the bourse said.
The price drop in Shanghai reflected the price tumble in global markets over the holiday. As a safe haven metal gold has been under pressure from the stronger US dollar on improving United States economic data.
Spot gold fell 1.8 percent to US$1,598 last Friday, and 3.4 percent for the whole week, the worst weekly showing since May. But gold rose 0.6 percent from a six-month low to US$1,619 per ounce yesterday after the Chinese market re-opened.
The World Gold Council said a strong growth in demand may not emerge although bullion consumption in China would remain firm this year given the improving economic signs.
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