Gold Steady, Underpinned by Signs of Chinese Buying Activity
Gold is steady in early Asian trade. "Buying activity by Chinese gold ETFs continues to pick up steam," TD Securities' Daniel Ghali says in a research report.
Chinese gold ETFs have added 233,000 ounces of notional gold over the last week, the senior commodity strategist says. Sentiment in China for the precious metal may have also been bolstered by Chinese life insurance companies' membership being granted by the Shanghai Gold Exchange, which officially allows them to buy gold, Ghali says. "We see little scope for downside in gold," the strategist adds.
Spot gold is little changed at $3,112.98/oz.
Source: Marketwatch