Gold rallied on Wednesday as traders with short positions amid concerns the Syrian civil war could extend through the Middle East and as the dollar weakened. Gold for June delivery is a division of the CME rose $ 1 on COMEX 473.70 $ 24.90 an ounce. The price of gold traded up $ 1, only $ 1 per ounce of 475.80 446.70 and, even though the spot price was charging the higher $ 21.60, Kitco Gold index.
"This is just a retracement of what happened yesterday," said David Williams, Vice President of strategic Gold Corp. Silver prices for July delivery was slipping 5 cents to $ 27.43 per ounce, while the US dollar index falls to 0.43% to $ 33.17. "Also suggests that traders are very cautious of aggressive positions," Peter hug, head of global trading at Kitco Metals, wrote in a note. "The general consensus on the major desks, is still bearish on the side (in the short term), but physical and involving them in the Middle East and, in General, the weaker US dollar overnight contributed to the short covering."
China is still a great buy physical gold from Hong Kong. The country imports about 223.519 tons in March, which jumped from about 97.106 tonnes in February. The data supported the other reports that the physical demand has propped up the yellow metal paper market prices, but a strategic Gold Corp. Williams said news that China buying gold for Hong Kong is not likely to be a lot of driving their prices on Wednesday because the purchase has already been done.
Because gold debacle last month, there is a clear disconnect between the paper market, which is still off about $ 90 in its April 11 COMEX trading price and the physical market, which has been in high demand in China, India, retail buyers and central banks, according to the author, Nick Barisheff "$ 10,000 in gold." Sources familiar with the matter, the Bloomberg report, Mark said the billionaire John Paulson's Gold Fund lost 27 percent in April, largely contributed to the collapse of the precious metal for two days for that month.
Gold mining stocks closed mainly higher on Wednesday. Shares of Barrick Gold (ABX) rose by 8.5%, while shares of Eldorado Gold (EGO) is finished up 6.4 percent.
The number of Directors of Kinross Gold (KGC) increased by 6.1%.
Gold ETF SPDR Gold Trust (GLD) got 1.5% $ 142.45, although the iShares SPDR Gold Trust (IAU) add 1.5% to $ 31.20 min.
SPDR Gold Trust ETF funds is still in the dough, it has lost about 12.5% this year. Gold Futures have been 3.1% Premium to the massive gold ETFs.
"We find that the difference between the discount due to the timing of when the NAV and the Fund's price falls," the economic research firm CreditSights, said in a note.
--Written By Joe Deaux In New York City.
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