We use cookies (including third-party cookies such as Google) to remember your site preferences and to help us understand how visitors use our sites so we can improve them. To learn more, please see our privacy policy and our cookie policy.

To agree to our use of cookies, click 'Accept' or choose 'Options' to set your preferences by cookie type.

Options Accept
BullionVault

CHARTS

  • English
  • Deutsch
  • Español
  • Français
  • Italiano
  • Polski
  • 日本語
  • 简体中文
  • 繁體中文
  • Daily audit
  • Help
  • Contact
  • Deposit
  • Login
  • Open account
  • ABOUT US
    • About BullionVault
    • In the press
    • Reviews
    BUY/SELL BULLION
    • Vaulted gold & silver
    • -Live order board
    • -Daily Price
    • Coins for delivery (UK)
    INVESTMENT GUIDE
    • Guide to gold
    • -How to buy gold
    • -Gold investment
    • -Gold investment plan
    • -Investment insurance
    • -Compare asset performance
    • Guide to silver
    • -How to buy silver
    • Guide to platinum
    • -How to buy platinum
    GOLD NEWS
    • Gold news front page
    • -Gold price news
    • -Opinion & analysis
    • -Market fundamentals
    • -Gold/Silver Investor Index
    • -Infographics
    CHARTS
    • Gold price
    • Silver price
    • Platinum price
    • Price alerts
  • Login
  • Open account
  • BUY/SELL BULLION
  • Vaulted gold & silver
    • ⤷
    • Live order board
    • Daily Price
  • Coins for delivery (UK)
  • INVESTMENT GUIDE
  • Guide to gold
    • ⤷
    • How to buy gold
    • Gold investment
    • Gold investment plan
    • Investment insurance
    • Compare asset performance
  • Guide to silver
    • ⤷
    • How to buy silver
  • Guide to platinum
    • ⤷
    • How to buy platinum
  • GOLD NEWS
  • Gold news front page
    • ⤷
    • Gold price news
    • Opinion & analysis
    • Market fundamentals
    • Gold/Silver Investor Index
    • Infographics
  • CHARTS
  • Gold price
  • Silver price
  • Platinum price
  • Price alerts
  • ABOUT US
  • About BullionVault
  • In the press
  • Reviews
  • Help
  • Contact
  • Daily audit
    • English
    • Deutsch
    • Español
    • Français
    • Italiano
    • Polski
    • 日本語
    • 简体中文
    • 繁體中文

Gold News

Live support

NEED HELP? ASK US NOW

Search form

Gold News front page

Gold Price News

Gold Now 'Dead, Irrelevant' Say Crypto Pundits as Rates Rise Again Despite Weak US Jobs Data

More...

Gold Investing In Depth

Learn about gold bullion bars

Learn about gold bullion coins (and costs)

Gold investment: Why & how?

Gold Investment Analysis

  • Latest Gold Investor Index
  • Diversification: Gold as investment insurance
  • 40-year Asset Performance Comparison Table

Gold Articles

Opinion & Analysis

Gold Price News

Investment News

Gold in History

Gold Books

Gold Investor Index

Gold Infographics

Archive

  • March 2021 (3)
  • February 2021 (23)
  • January 2021 (25)
  • December 2020 (24)
  • November 2020 (23)
More...

List of authors

Gold Bullion Back Above $1300 as Beijing Buys, Libya Tips into Civil War, Brexiteers Push for Friday Exit from EU

Monday, 4/08/2019 14:43
GOLD BULLION rose above a 1-week high on Monday at $1300 as crude oil pushed up to 5-month highs amid fears that the worsening civil war in Libya could threaten supply, and Bloomberg reported that China just expanded its gold reserves for the 4th month in a row, writes Atsuko Whitehouse at BullionVault.
 
Spot gold bullion prices advanced 0.5% versus the US Dolar, which slipped lower against other major currencies on its trade-weighted index.
 
Among other precious metals, platinum prices rose 1.2% to a fresh 10-month high above $912 while silver gained 0.4% to $15.17 per ounce – like gold, its strongest Dollar price since 28 March.
 
Latest data say this move will have caught speculative traders in Comex gold futures and options off guard, after they slashed their bullish betting in half to the smallest in more than 2 months in the week-ending last Tuesday, when global stock markets rallied.
 
Chart of Managed Money category's net speculative long position in Comex gold futures and options (notional tonnes). Source: BullionVault
 
Investment money also left the giant SPDR Gold Trust (NYSEArca: GLD) last week, with the world's largest gold ETF seeing its heaviest weekly liquidation since November 2016, needing 22.6 fewer tonnes of bullion backing at 762 tonnes.
 
Oil prices today climbed to their highest level since November as fighting in No.20 world producer Libya worsened towards "all-out civil war", putting its output of 1 million barrels per day at risk.
 
That adds to supply pressure as the Opec oil cartel applies output cuts to boost prices, and US sanctions weigh against major producers Iran and Venezuela.
 
Near-dated futures contracts for European benchmark Brent topped $70 per barrel on Monday morning, while US benchmark West Texas Intermediate (WTI) also hit its best in a year near $63.50 per barrel.
 
China's central bank expanded its gold reserves for the 4th month running in March, Bloomberg quotes Beijing's official website.
 
The People's Bank added 11.2 tonnes last month, extending its run since December to nearly 43 tonnes in total, a rise of 2.3%.
 
"Central-bank demand should help support prices, with inflows running as high as last year," reckons US investment bank Goldman Sachs, now forecasting a rally to $1450 per ounce by this time next year.
 
"Following the multi-decade high in gold reserves growth in 2018," says a note today from the mining industry's World Gold Council, "central banks' appetite remained healthy at the start of 2019," with the official sector adding 90 tonnes as a group over January and February.
 
Ahead of this Wednesday's much-awaited decision on new monetary stimulus from the European Central Bank, gold prices for Eurozone investors today popped to €1158 per ounce as the single currency slipped near a one-month low on the FX market.
 
The global economy has entered a "synchronised slowdown" which may be difficult to reverse in 2019, according to the latest update of a tracking index compiled by the Brookings Institution think-tank and the Financial Times, reported Sunday.
 
The UK gold price in Pounds per ounce meantime rose within £1.50 of the £1000 mark last seen on 27 March as the Government of Theresa May resumed formal talks with the opposition Labour Party about trying to resolve Brexit.
 
May will visit Berlin and Paris tomorrow for talks with Angela Merkel, the German Chancellor, and Emmanuel Macron, the French President, ahead of Wednesday's emergency EU summit to discuss a further extension of the UK's membership until June 30.
 
Pro-Brexit members of May's Conservative Party are "furious" at her discussions with Labour leader Jeremy Corbyn, calling for a vote of no confidence for this week so that "if she goes on Wednesday we can leave on Friday" – the current 12 April deadline for Brexit.
  • Reddit logo
  • Facebook logo
  • Twitter logo
  • Google logo
  • Yahoo logo
  • LinkedIn logo
  • Digg logo
  • StumbleUpon logo
  • Technorati logo

Atsuko Whitehouse is the Head of the Japanese Market at BullionVault and the Editor of Japanese GoldNews.

See all articles by Atsuko Whitehouse here.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn

 

Mobile apps

 - live trading 24/7

 - buy & sell instantly

 - up-to-the-second charts

 

 

 

Daily news email
Go to 'communications settings' 

Get the latest daily gold price news free by email

Latest gold news by email

 

 

 

Gold Investor Index
2 March 2021

Silver Investor Index

Silver beats gold again

 

 

 

LBMA webinar
21 January 2021

LBMA

London gold trading

 

 

 

Bloomberg TV
1 February 2021

Bloomberg TV

r/silver-surge

 

 

 

The Alchemist
1 December 2020

Newton

True Gold/Silver Ratio

 

 

 

  •  Email us

Market Fundamentals

  • Green Energy: Platinum Key to New 'Hydrogen Catapult'
  • 2021 Gold Price to Rise 11.5%: LBMA Forecast
  • 'Cut Bullion Duty to Cut Smuggling': India's Gold Industry
More...
  • Cost calculator
  • Cookies
  • Terms & conditions

©BullionVault Ltd 2005-

  • Twitter
  • Facebook
  • LinkedIn
  • YouTube

Save your cookie preferences

We use cookies to remember your site preferences, record your referrer and improve the performance of our site. For more information, see our cookie policy.

Please select an option below and 'Save' your preferences.

Save

You can update your cookie preferences at any time from the 'Cookies' link in the footer.

Secure auto-logout warning

You have not been active for some time.

For your security you will be logged out in   minutes unless you take action.