Articles
-
Gold price bears take charge of bullion
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/ca2c9dd0-6428-11e4-bac8-00144feabdc0.html#ixzz3ILtD1sIr
When the price of gold collapsed in the summer of 2013 Chinese buyers stepped in sensing a bargain, in the process putting China ahead of India as the world’s largest consumer of the precious metal.
This year, however, Chinese buyers have been conspicuous by their absence – and gold prices this week have hit a four-year low. Retail consumption fell by a fifth to 754.8 tonnes in the first nine months of the year compared with the same period last year, according to the China Gold Association, and few analysts believe it will rebound in the coming months even though bullion is at a five-year low in local currency terms.High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/ca2c9dd0-6428-11e4-bac8-00144feabdc0.html#ixzz3ILtFVvIb
“There is a natural caution on the part of buyers and they don’t want to catch the proverbial falling knife,” says Philip Klapwijk, managing director of Precious Metals Insights, an industry publication. “Chinese consumers are a little bit wary – last year they piled in with the correction of the price. There isn’t the same conviction that it’s a temporary blip down [this year].”
After two sell-offs in April and June of 2013, driven by a more optimistic view on the US economy, gold dropped by almost 30 per cent, bringing to a shuddering halt a decade-long bull run. As western global investors in exchange traded gold funds sold, Chinese buyers moved in.
Read full article
-
Authorized Person for MEX NEPAL
Mob: +977 9856030634 -
Biratnagar Branch Manager
Mob: +977 9852033934 -
Our Clearing Member
-
Our Banking Partners
-
-
-
