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Gold prices climb on record breaking ETF buying

By Investing.comCommoditiesNov 23, 2012 12:33PM GMT Add a Comment
 
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Gold futures traded higher Friday as a weak greenback and record Exchange Traded Fund buying supported prices in slow post holiday trade

On the Comex division of the New York Mercantile Exchange, Gold futures for December delivery traded at USD1733.65 a troy ounce in European trade gaining 0.32%.

It earlier traded at a session low USD1727.95 a troy ounce. Gold was likely to find support at USD1715.85 and resistance at USD1735.55.

Gold prices climb on record breaking ETF buying
Exchange traded product holdings reached a record 2605.3 metric tons pushing the yellow metal higher on the session.

Gold prices climbed on Thursday after data showed that Germany’s manufacturing purchasing managers’ index rose to 46.8 in November, up from 46.0 in October and better than forecasts for a reading of 45.9.

Meanwhile, the euro zone’s manufacturing PMI rose to 46.2 this month from 45.4 in October, above expectations for a reading of 45.6, while French factory data also improved more-than-expected.

Meanwhile, German Chancellor Angela Merkel said an agreement to unlock a delayed bailout installment for Greece was still possible when euro zone finance ministers resume talks on Monday.

Talks between finance ministers and the International Monetary Fund ended without a deal on Tuesday, amid disagreements on how best to reduce the country’s debt to sustainable levels.

Commodity demand was also supported after a report showed that China’s preliminary HSBC manufacturing PMI rose to 50.4 in November, up from a final reading of 49.5 in October.

It was the first expansion in manufacturing activity since September 2011, easing concerns over the growth outlook for the world’s second largest economy.

US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, fell 0.26% to trade at USD80.63.

Elsewhere on the Comex, Silver for December delivery gained 0.14% to trade at USD33.395 a troy ounce while Copper for December delivery fell 0.12% to trade at USD3.491 a pound.



 
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