Gold at 2-week high

China , Commodities , Gold , Metals , Precious metals , Silver , USA Feb 10, 2014 No Comments

GoldGold rose to a two-week high today after its longest rally since last August in New York. A weak US jobs report last week raised questions over economic recovery, which could potentially slow the pace of the Federal Reserve’s stimulus tapering and indicate a possible slowdown in the world’s largest economy.

Gold was also supported by the announcement of a 41% increase in Chinese demand last year, according to a report from the China Gold Association released today.

China probably overtook India as the largest user last year, according to the producer-funded World Gold Council, which highlighted the eastward shift in global demand as holdings in exchange-traded products contracted by a record.

An ounce of gold went up 0.8% to $1,273.10 on the Comex after reaching 1 276,20 dollars, its highest price since Jan. 27. While that’s down 34 percent from the record $1,921.15 in September 2011, it’s 5.6 percent higher this year. Silver was up 0.9% to $20.13/oz. Prices rose 4.6% last week, the biggest gain since mid-August.

Pascal Blanc

Pascal has implemented numerous software solutions in the areas of procurement, sourcing, spend management, supplier evaluation and performance. His clients include Fortune 500 companies in Europe, Asia and North America. He is a co-founder of Source & Procure.

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