Gold prices on a two-week high
Gold prices garnered impressive gains, hitting a two
week, while silver regained US$16/oz mark. A retracement in the
greenback and escalating tensions between US and Russia has helped gold
prices firming up.
A few geopolitical factors such as Barack Obama
administration announcing that it is deporting 35 Russians on the
suspicion of espionage and US government is also imposing sanctions on
two Russian intelligence agencies have played an incremental role. All
eyes are now set on the course of action US President elect Donald Trump intends to take after he assumes power on January 20.
In physical markets, China’s gold imports from Hong Kong
during November declined by 18% on mom basis, as Chinese regime is
restricting import licenses in order to sustain foreign exchange
reserves. Meanwhile, Shanghai Gold Exchange announced that it will limit
the quantity of gold an investor can trade at one time in order to curb
the volatility in prices.
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