In the physical markets, buying remained subdued in the seasonally quiet summer period. Gold and silver bullion coin buyers have secured their allocations and there is very little new entrants into the bullion market which has contributed to falling demand recently. Data from the U.S. Mint showed that gold coin sales in July fell about 40% from a month ago.
Today’s AM fix was USD 1,292.75, EUR 965.03 and GBP 765.71 per ounce.
Yesterday’s AM fix was USD 1,293.50, EUR 963.57 and GBP 768.93 per ounce.
Gold fell $4.80 or 0.37% yesterday to $1,288.50/oz and silver slipped $0.15 or 0.44% to $20.19/oz.
Gold is marginally higher in London this morning and overnight in Singapore, gold remained in a tight range between $1,286/oz and $1,290/oz. Gold climbed toward $1,300 an ounce after a gauge of China’s services industries sank to a record low, leading to safe haven demand and a decline in equities.
Perth Mint Gold Bar (1 oz)
Gold is 7.5% higher this year partly on tensions in Ukraine and in the Middle East and the increasing risk of trade, economic and currency wars.
Silver for immediate delivery rose 0.3% to $20.26 an ounce. Spot platinum increased 0.3% to $1,465.63 an ounce, while palladium added 0.2% to $851 an ounce.
The world’s largest gold ETF, New York’s SPDR Gold Trust <GLD>, reported its first outflow since July 24 yesterday, of 1.8 tonnes. Holdings fell 0.2% to 800.05 metric tonnes. This has taken its overall holdings back to just over 800 tonnes. Institutional money is being allocated to gold again as seen in the rising ETF numbers in recent weeks.
In the physical markets, buying remained subdued in the seasonally quiet summer period.
Premiums for gold bars in India remain depressed as they do in China. In top buyer China, local premiums to the global benchmark were steady near $3 an ounce.
Premiums in other parts of Asia have also largely remained steady over the past several weeks.
The Perth Mint’s sales of gold and silver bullion fell to a three-month low in July, as increasing
hope about global economic growth curbed appetite for the precious metal among some bullion buyers.
The Perth Mint which was established in 1899, operates the only gold refinery in Australia, the world’s second-biggest gold producer after China.
Sales of gold coins and minted bars decreased by almost half to 25,103 ounces in July from the same period a year ago, the mint’s data showed.
Silver sales totalled 577,988 ounces last month. Gold and silver sales in July were the lowest since April.
Period Gold Silver
Jul-14 25,103 577,988
Jun-14 39,405 586,358
May-14 36,127 630,349
Apr-14 23,461 361,988
Mar-14 30,177 545,165
14-Feb 47,003 392,088
14-Jan 64,818 912,388
13-Dec 58,943.61 845,940.53
Nov-13 52,700.23 807,246.05
Oct-13 77,255.18 821,579.77
Sep-13 68,488.06 961,977.07
Aug-13 30,430.10 691,258.63
Jul-13 56,488.25 697,247.39
Jun-13 47,692.02 593,534.52
May-13 88,637.82 596,458.40
Apr-13 112,575.40 1,113,461.36
Mar-13 50,356.16 408,178.52
Feb-13 44,399.48 431,237.41
Jan-13 66,669.66 676,742.40
Dec-12 51,777.57 452,390.35
Nov-12 49,004.09 623,345.46
Oct-12 54,779.00 465,033.74
Sep-12 82,066.89 1,259,702.59
Aug-12 37,196.86 338,945.22
Jul-12 34,588.36 459,270.48
Source: The Perth Mint
Note: Sales figures in ounces. Gold sales include coins and minted bars. Silver figures include only coins as the mint does not issue silver minted bars.
Gold prices slipped over 3 % in July as some positive economic data may have reduced demand for gold despite rising geopolitical risk.
Gold in US Dollars – 5 Years (Thomson Reuters)
Data from the U.S. Mint showed that gold coin sales in July fell about 40% from a month ago. Gold and silver bullion coin buyers have secured their allocations and there is very little new entrants into the bullion market which has contributed to falling demand recently.
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