GOLD PRICES LIFTED BY HIGHER DEMAND
Gold prices are on the move after a report that Gold imports by China nearly doubled from October to November. “The move up today looks like it's just a reaction from some news that imports for China and Hong Kong doubled in November, so obviously China's still buying quite a bit of Gold even though they're still producing a lot of it themselves,” Chuck Butler of EverBank said. After last week’s Federal Reserve announcement that future stimulus measures may be brought to a standstill, there was a slight pull back in the yellow metal’s price from concerned investors. Today, the news is confirming that other countries continue to have a high demand for Gold as it is still looked upon as a safe haven asset.
The eurozone is attempting to recover from a financial crisis that has spread like a wildfire throughout the region, and November’s record-high unemployment rate is definitely not helping the situation. Consumer spending during the holiday season in Europe was slow as many are carefully watching their spending. “A growing number of businesses are beginning to see light at the end of the tunnel, but consumers remain very gloomy,” Martin Van Vliet, an economist at ING in Amsterdam, said. “Consumer spending is crucial to ensure a sustainable recovery,” he said, forecasting a stagnant economy in 2013.
At 1:25 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,663.50, Up $15.20.
- Silver, $30.52, Up $0.40.
- Platinum, $1,586.00, Up $29.70.
- Palladium, $672.50, Up $1.50.
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