GOLD WEBCAST – Gold pushes higher, Shanghai Gold Exchange withdrawals surge

Otmane El Rhazi from The Bullion Desk.

Spot gold was last around $1,100 per ounce, having spent most of the week teetering just above fresh five year lows. Today’s surge came following some less than impressive US data, which has ultimately dampened the country’s currency as we head into the weekend. In India, the market has swung to a premium and we’re now seeing increased demand ahead of the country’s fast-approaching festival season and some increased confidence as a result of better than expected rainfall. Withdrawals from the Shanghai Gold Exchange vaults for the week ending 24 July, withdrawals were at 73 tonnes – the highest amount of gold removed from the vaults in around 18 months and July’s withdrawal figures look set to dwarf any recent records.

The post GOLD WEBCAST – Gold pushes higher, Shanghai Gold Exchange withdrawals surge appeared first on The Bullion Desk.