Read the Beforeitsnews.com story here. Advertise at Before It's News here.

By BullionVault.com (Reporter)
Contributor profile | More stories

Story Views
Now:
Last hour:
Last 24 hours:
Total:

Gold Slips to $1300 as Italy 'Positive', Swiss Gold Bar Exports Down 1/3rd Ex-China

Thursday, May 31, 2018 6:11

% of readers think this story is Fact. Add your two cents.

Adrian Ash is head of research at BullionVault, the world-leading gold trading & ownership service online…

GOLD BAR prices slipped against all major currencies in London’s wholesale market on Thursday as solid US data followed a rise in Eurozone consumer-price inflation, and Italian bonds rallied for a second day, pulling borrowing costs lower again from Tuesday’s spike to 5-year highs as the Eurosceptic M5S and Lega coalition worked to form a government.

With consumer prices rising 1.9% this month from last May across the 19-nation Eurozone – the fastest inflation in a year – the Euro currency recovered the last of this week’s previous 2 cents drop at $1.17 to the Dollar.

China’s stock market led a jump in Asian equities, but European shares held flat overall after recovering one-tenth of the last 2 weeks’ drop on Wednesday.

Dollar gold prices back slipped to $1300 per ounce in London’s large-bar market, some 1.5% above last week’s new 2018 lows, as US jobless benefit claims came in below forecast.

Gold priced in the Euro meantime traded down to €1112, below last week’s finish and more than €20 per ounce beneath Tuesday’s spike to 10-month highs amid the Italian bond market crash.

“After yesterday’s truce” in Italy’s political wrangling, says Il Sole 24 Ore, “investors are taking the possible creation of a new government positively.

“Negotiations under way include the economist [and Eurosceptic] Paolo Savona but in a department other than the Economy – possibly the foreign ministry.”

Easing fears over Italy’s debt helped Asian stock markets rise Thursday, says the Nikkei Review, with India’s “heavyweight” HDFC Bank rising over 4% to all-time highs “a day before foreign institutional investors are allowed to buy the stock.”

“People are investing in risky assets like the stock market and real estate rather than gold,” said the Reuters news-wire this week after data from China showed net gold imports to the mainland via Hong Kong slumping by one-third in April from March.

“Swiss trade data points to soft demand in key markets,” says a new report from specialist consultants Metals Focus, noting howstatistics from the world’s No.1 gold bar refining hub “provide a useful barometer for global physical demand.”

Metals Focus‘ report says Swiss gold bullion exports rose only 2% between January and April from the same period last year, “almost entirely driven by [previously] robust growth in China.

“Excluding that country, Swiss exports were actually down by almost a third.”

India’s gold bar imports from Switzerland were “less than half the figure seen in 2017,” Metals Focus says.

“Weakness in the Middle East owed much to poor economic conditions and their impact on consumer confidence…[while] in Europe [a lower import figure from Switzerland] reflects softer demand for gold bars among retail investors, particularly in Germany.”

European finance ministers today gathered in Paris for a meeting of the World Trade Organization will likely focus on trying to delay US President Trump’s new trade tariffs, says Bloomberg.

This weekend’s G7 summit of the major economies in Whistler, Canada will also see Trump’s “trade war” upset Prime Minister Trudeau‘s agenda on “climate change, women’s empowerment, peace, economic growth for all and jobs for the future,” according to Politico.

But Trump’s agenda may in turn be overtaken by Italy‘s sudden political and bond-market crisis “as well as other worries about [debt defaulting] Argentina and [weak-Lira hit] Turkey,” says Canadian Business.

Formerly City correspondent for The Daily Reckoning in London and head of editorial at the UK’s leading financial advisory for private investors, Adrian Ash is the editor of Gold News and head of research at BullionVault – winner of the Queen’s Award for Enterprise Innovation, 2009 and now backed by the mining-sector’s World Gold Council research body – where you can buy gold today vaulted in Zurich on $3 spreads and 0.8% dealing fees.

Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.

Source: https://www.bullionvault.com/gold-news/gold-bar-053120183

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).

Comments

Online:
Visits:	1,599,863,445
Stories:	8,140,475