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(EMAILWIRE.COM, July 24, 2013 ) San Francisco, CA -- According to the London Gold Market Report, gold investing demand in Asia was strong earlier this month. Traders also cited new Chinese inflation data, which came in above forecasts for June, around 2.7 percent. Then, gold prices rose through to around $1240.
Last Friday, non-farm US payroll data showed that gold dropped up to $20 an ounce, as low as $1210. While that was low for some sellers, it was great time for buyers and investors to get in on the business.
However, China is the worldÂ’s second largest consumer market for bullion and has been a very strong market for gold investing. According to an HSBC note, an indicator of good demand from China is bullionÂ’s premium on the Shanghai Gold Exchange. Recently, that has stood around $34 an ounce, which was significantly higher than May, where it stood around $10-25 per ounce.
Earlier this month, The Shanghai Gold Exchange began an overnight trading session, allowing trades until 2:30 a.m. The 2013 price drop has also helped buying in Japanese households, according to Tanaka, the countryÂ’s first and largest chain of bullion dealers.
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Source: EmailWire.com
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