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Gold Nears a Three Week High as US sets a Slower Pace

By November 25, 2014 No Comments

As results emerge that growth in the US is slowing gold has gained on the back on this data.

Meanwhile gold imports have risen as jewellery demand for the yellow metal soars, we also see China consuming over 2,000 tonnes of gold again this year as consumption reaches 1761 by mid-November.

Traditionally both November and December are strong months for gold prior to the Chinese New Year where gold is often given as a gift.

This also highlights the likelihood of this demand remaining strong well into the start of 2015.

Demand from India is also strong and up from 2013, after the revised exports rules. Russia also remains to be a big buyer snapping up 150 tonnes this year.

Lower gold prices has lured back many investors albeit not as many as 2013 according the World Gold Council Reports but still represents a healthy market for small bars and coins especially in those global countries who use gold to hoard up their wealth.

As thanks giving approaches perhaps the market can take a couple of days to reflect and consolidate ahead of the Christmas trading period.