{"id":31076,"date":"2012-07-21T04:14:00","date_gmt":"2012-07-21T04:14:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-inches-up-boosted-by-russian-central-bank-buying\/31058\/"},"modified":"2012-07-21T04:14:00","modified_gmt":"2012-07-21T04:14:00","slug":"gold-inches-up-boosted-by-russian-central-bank-buying","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-inches-up-boosted-by-russian-central-bank-buying\/31076\/","title":{"rendered":"Gold Inches Up, Boosted by Russian Central Bank Buying"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold prices<\/a> closed higher on Friday, at $1,582 an ounce level as the news emerged that Russia\u2019s central bank increased its bullion reserves in June overshadowing the euro zone debt crisis which resurfaced after one of the Spain\u2019s bankrupt province, Valencia requested for federal government\u2019s bailout, weighing on euro.<\/p>\n<p><span id=\"more-31076\"><\/span><\/p>\n<p>The metal, though, edged lower 0.2% for the week as bullion investors retreated following fed Chairman\u2019s Ben Bernanke\u2019s Congressional testimony early in the week, where he stopped short of hinting on another round of quantitative easing.<\/p>\n<p><!--Ad Injection mfunc mode ad code--><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>Spot <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a>\u00a0gained marginally 0.2 percent to $1,584.20 an ounce, recovering from a low at $1,573.14 earlier in the session.<\/p>\n<p>U.S. Gold futures edged up $2.40 an ounce at $1,582.80. A preliminary data provided by Reuters show that trading volume was 20 percent below its 30-day average.<\/p>\n<p>Earlier on Friday, gold prices slumped as euro softened against the dollar amid further deterioration in euro zone debt crisis. A highly indebted province of Spain, Valencia formally requested the federal government that it will require a bailout. The news further unnerved investors\u2019 sentiment over euro and Spain- which is teetering under recession, massive unemployment and fragile banking sector.<\/p>\n<p>A 1% percent slide in the <a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&amp;P 500<\/a> index and drop in crude oil prices also weighed on bullion. Despite being considered as safe haven asset, \u00a0gold moved in tandem with other riskier assets for most part of this year.<\/p>\n<p>However, later during the day, bullion investors shifted their focus on Russia where its central bank raised gold reserves by 6.2 tons to 836.3 tons in June.\u00a0Central banks across the world have consistently raised its gold reserves in 2012, diversifying its portfolio amid global economic uncertainty which increased the volatility in the <a href=\"http:\/\/www.knowfinance.com\/foreign-exchange-market\/\" target=\"_blank\" rel=\"noopener\">foreign exchange<\/a> market.<\/p>\n<p>Nevertheless, due to lack of further monetary stimulus and economic crisis in the euro zone, gold has remained tightly range-bound, hovering between $1,527 and $1,655 in the past three months.<\/p>\n<p>Showing concern over metal\u2019s failure to break its current range, Mark Arbeter, chief technical strategist at S&amp;P Capital IQ said to Reuters-CNBC, \u201cWe think a break under $1,500 an ounce could open the floodgates on the downside and end the bull market that started over 10 years ago.\u201d<\/p>\n<p>However, David Meger, director of metals trading at brokerage Vision Financial Markets, differed in his views as he said to Reuters, \u201cWe continue to find some relatively significant support at levels below $1,570 as markets are viewing them as a buying opportunity. They will remain the near-term levels of support.\u201d<\/p>\n<p>Gold Physical Demand Remain Subdued<\/p>\n<p>Gold\u2019s imports in India- world\u2019s biggest consumer of the yellow metal- have plunged by 50% so far this year. The Indian rupee has tumbled against the U.S. dollar amid falling foreign investments and gloomy business sentiment, making imports more expensive.<\/p>\n<p>Meanwhile, world&#8217;s largest gold-backed exchange-traded fund SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\" target=\"_blank\" rel=\"noopener\">NYSE: GLD<\/a>), reported that its holdings shrunk by 9 tons on Thursday, its biggest one-day drop since May 22, bringing its total reserves to a six-month low.<\/p>\n<p>Among other precious metals,\u00a0<a href=\"https:\/\/stockmarketwatch.com\/metal\/silver-price.aspx\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">silver<\/a> gained 0.5 percent at $27.30 an ounce, while\u00a0spot platinum\u00a0lost 0.3 percent to $1,408.07 an ounce and\u00a0spot palladium\u00a0also fell 1.4 percent to $571.43 an ounce.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20120723030042\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fthestockmarketwatch.com%2Fstock-market-news%2Fgold-inches-up-boosted-by-russian-central-bank-buying%2F31076&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/chipotle-shares-tumble-on-sales-slowdown-cmg\/31084\">\nChipotle Shares Tumble on Sales Slowdown (CMG)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/ge-reports-quarterly-results-ge\/31077\">\nGE Reports Quarterly Results (GE)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/gold-inches-up-boosted-by-russian-central-bank-buying\/31076\">\nGold Inches Up, Boosted by Russian Central Bank Buying<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/stocks-end-lower-on-renewed-worries-over-euro-zone-debt-crisis\/31057\">\nStocks End Lower on Renewed Worries over Euro Zone Debt Crisis<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/gold-prices-edge-higher-silver-prices-also-gain-2\/31056\">\nGold Prices Edge Higher; Silver Prices also Gain<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/stocks-extend-losses-in-late-trading-3\/31054\">\nStocks Extend Losses in Late Trading<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/badger-meter-bmi-donates-to-water-buffalos-in-support-of-safe-reliable-water-systems\/31037\">\nBadger Meter &#8211; BMI &#8211;  Donates to Water Buffalos In Support Of Safe, Reliable Water Systems<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n<script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script>\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices closed higher on Friday, at $1,582 an ounce level as the news emerged that Russia\u2019s central bank increased [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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