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Asia gold premiums steady at US$1,270
Thursday, September 16, 2010
PREMIUMS for gold bars defied record bullion prices to stay unchanged in Asia yesterday on tight supply and expectations of more rallies, dealers said.
Gold was steady at US$1,270 an ounce, having struck another record at US$1,274.75 on Tuesday on investment buying driven by worries about the outlook for the global economy. Gold has gained 16 per cent this year. Gold bars were quoted at a premium of between 50 and 80 cents to the spot London prices in Singapore, unchanged from last week, with light selling from Indonesia and Thailand. India was on the sidelines.
"Surprisingly, the market is calm with only light selling. I reckon gold has broken the recent high and everyone is likely to look at US$1,300. Therefore, they will not rush in to sell in bulk," said a physical dealer in Singapore.
"India was buying physical gold before the price moved higher. I guess it's going to be quiet for India today." Gold may form a peak around US$1,300 per ounce or rally more explosively over the next four weeks, as per its wave pattern, according to Wang Tao, who is a Reuters market analyst for commodities and energy technicals.
Demand in India picks up during the festive season, beginning with Raksha Bandhan in August and lasting through November with Dhanteras being the single-biggest gold buying day. Weddings also stir up more demand for the metal.Reuters
Gold was steady at US$1,270 an ounce, having struck another record at US$1,274.75 on Tuesday on investment buying driven by worries about the outlook for the global economy. Gold has gained 16 per cent this year. Gold bars were quoted at a premium of between 50 and 80 cents to the spot London prices in Singapore, unchanged from last week, with light selling from Indonesia and Thailand. India was on the sidelines.
"Surprisingly, the market is calm with only light selling. I reckon gold has broken the recent high and everyone is likely to look at US$1,300. Therefore, they will not rush in to sell in bulk," said a physical dealer in Singapore.
"India was buying physical gold before the price moved higher. I guess it's going to be quiet for India today." Gold may form a peak around US$1,300 per ounce or rally more explosively over the next four weeks, as per its wave pattern, according to Wang Tao, who is a Reuters market analyst for commodities and energy technicals.
Demand in India picks up during the festive season, beginning with Raksha Bandhan in August and lasting through November with Dhanteras being the single-biggest gold buying day. Weddings also stir up more demand for the metal.Reuters
source: Brunei Times
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