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Friday, 5 August 2016

Live Commodity News: Higher Prices Curb Demand For Gold


 Physical gold sales remained sluggish in Asia this week as higher prices kept buyers at bay, but appetite for the precious metal is expected to pick up with upcoming festive seasons in top markets India and China. Bullion has risen nearly 1% this week on expectations that the US Federal Reserve will keep its cautious stance towards interest rates in the wake of global economic concerns.
Gold, often perceived as a hedge against financial uncertainties, has risen about 28% this year and is on track for its biggest annual gain since 2010.
"We are still seeing a good amount of selling as prices are near two-year highs and people are looking at making profits," said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central.

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