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 Prices Rally Ahead of Key US Jobs Data as China's Gold Demand Falls, Trading Jumps

Thursday, 5/05/2016 14:19
GOLD PRICES recovered one-third of this week's 2.4% drop from 16-month highs above $1300 per ounce on Thursday in London, rallying as the Dollar paused its rise following weaker US jobs data.
 
Silver again extended the move in gold, jumping 2.5% from yesterday's 1-week low to touch $17.61 per ounce as the start of New York trading approached.
 
Following yesterday's shock miss on the private ADP estimate, Friday will bring the US government's monthly estimate of net job creation – a data point often spurring strong volatility in currencies and financial markets, including gold and silver prices.
 
New data today showed the number of jobless benefits claimants rose again last week from mid- April's four-decade low.
 
World stock markets meantime held flat, curbing 3 days of losses, while bond prices slipped but commodities jumped, led by a 4% surge in crude oil.
 
"The [precious metals] complex feels overdone," says London brokerage Marex Spectron, repeating its comment to clients earlier this week, "but it may be a while before any correction happens.
 
"The [gold price] still seems to be happy meandering around at these levels, and it will take some form of external factor to move it conclusively."
 
New data Thursday from the China Gold Association said trading turnover on the Shanghai Gold Exchange rose 45% in the first 3 months of 2016 from the same period last year, while gold contract trading on the Shanghai Futures Exchange rose 79%, but the country's demand for physical gold declined.
 
"Gold is approaching near key graphical support of $1264-1270," says the latest technical analysis from French investment bank and bullion market maker Societe Generale, after meeting "resistance" at the January 2015 high of $1307 per ounce.
 
"Short term, upside is likely to remain capped. [But] it is worth underlining that gold prices, for the first time in years, breached the monthly Moving Average and the down channel [starting from 2013] on the higher side [at] $1264."
 
"[Monday's] new high not confirmed," says the latest Technical Weekly from German financial services group Commerzbank, pointing at momentnum indicators after the failure to hold above $1300 per ounce.
 
"We would allow for some profit taking here...[But] provided key support holds at $1245, we still favour a recovery and a retest of the topside."
 
Gold prices in China – the world's No.1 miner, importer and consumer nation – today fixed at Shanghai's new benchmark auction level with international quotes, having risen from a discount to a $2.35 premium on Wednesday.
 
Claiming a "growing influence" for the world's second-largest economy on global gold prices, government-sanctioned trade body the China Gold Association today said the country's gold mining output held flat in the first quarter of 2016 from Q1 2015 at 112 tonnes.
 
Gold consumption meantime fell almost 4% to 318 tonnes overall, with jewelry demand dropping 14% and industrial use falling 5%, but investment demand rose sharply.
 
Gold bullion bar demand rose 22% to more than 91 tonnes, while gold coin demand totalled almost 8 tonnes, an increase of 130%.
 
The People's Bank of China meantime issued a new rule, to start 1 June, allowing wholesalers to import or export gold up to 12 times using 1 permit, rather than applying separately each time – a move aimed, according to the Shanghai Daily, at " increas[ing] bullion imports."
 
China, like world No.2 consumer India, bans the export of gold bullion, requiring some manufacture into jewelry or other items before gold can be shipped out.
  • Reddit logo
  • Facebook logo
  • Twitter logo
  • Google logo
  • Yahoo logo
  • LinkedIn logo
  • Digg logo
  • StumbleUpon logo
  • Technorati logo

Adrian Ash is director of research at BullionVault, the physical gold and silver market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and is now a regular contributor to many leading analysis sites including Forbes and a regular guest on BBC national and international radio and television news. Adrian's views on the gold market have been sought by the Financial Times and Economist magazine in London; CNBC, Bloomberg and TheStreet.com in New York; Germany's Der Stern; Italy's Il Sole 24 Ore, and many other respected finance publications.

See the full archive of Adrian Ash articles on GoldNews.

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.