Gold under pressure as U.S. equities rebound
(MENAFN- ProactiveInvestors - Australia) U.S. Gold futures for June delivery settled down 0.5% at US$1223.80 an ounce
gold was under pressure overnight following a rise in U.S. equities and the latest minutes from the
federal Reserve.
U.S. gold futures for June delivery settled down 0.5% at US$1223.80 an ounce.
One thing that had been consistent throughout recent months has been the addition to their holdings of gold by the world’s central banks.
But February was different as central banks holdings of gold declined by 16 tonnes the first drop for over a year.
Russia and China were again buyers as Turkey reduced its gold reserves by 37 tonnes in February though its holdings tend to be volatile said research house Capital Economics.
Even so buying appears to have has slowed in recent months even without Turkey said the researcher though it added that net purchases by central banks totalled 21 tonnes in the first two months of 2016 compared to compared with 0.3 tonnes during the same period in 2015.
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