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UBS Chinese Gold Demand Nothing Exceptional After Lunar New Year

Chinese markets reopened earlier this week, following a week-long Lunar New Year Celebration, and renewed interest in Asian is helping to support the gold market, said analysts at UBS in a research note published Thursday.

Gold Ends Firmer Despite Bearish Outside Market Forces

Gold prices ended the U.S. day session with modest gains Thursday, but well down from highs seen early in the session. However, traders were still impressed by the yellow metal’s ability to hold any gains at all, given the very bearish outside market forces—a sharply higher U.S. dollar index and sharply lower crude oil prices. Short covering in the futures market and bargain hunting in the cash market were featured. Also, better demand for physical gold coming out of Asia this week, especially from China, was a bullish factor for gold. April Comex gold was last up $7.00 at $1,208.50 an ounce. May Comex silver was last up $0.116 at $16.59 an ounce.

Robust QE Program Can Stimulate Europe’s Economy – Japanese Economist

People should not underestimate the power accommodating monetary policies will have on a country’s economy, says a Japanese economic advisor and former economics professor at Yale University and The University of Tokyo.

Barclays: Gold, Oil ETPs Lead The Way In Commodity Investing

According to analysts at Barclays, investor interest in commodities picked up at the start of the year with the sector seeing investment inflows of almost $5 billion in January, “their highest in more than two years sharply reversing a period of consistent monthly outflows from commodity investments dating back to September 2014.” However, not all commodities are seeing the same interest. Barclays says that the favorite investment through exchange-traded products is oil and gold. “Although the uncertainty in Europe, sparked initially by the SNB announcement and the Greek elections, has spurred interest in gold, the European listed products themselves have drawn only modest interest, and it is GLD, the largest physically backed gold ETP, that has registered a hefty inflow,” they say. However the analysts are not optimistic that this trend in the gold market will last, noting that the pace of inflows has slowed recently. “When the gold market refocuses on the U.S. and the scope for a rate hike, prices are likely to come under pressure and ETPs are also likely to waver, although at a slower pace that the speculative positions that are scaled back quickly.”

Increase In Eurozone Gold Reserves Not From New Purchases – Macquarie

The mystery behind the boost in gold reserves in the eurozone has been solved, according to research from Macquarie.

Unfortunately, according to the Australian-based investment bank – in a note published Wednesday – the rise in gold was not because of a major new purchase.

SilverCrest President Taking Leave Of Absence, Interim President Appointed

SilverCrest Mines Inc. (TSX:SVL)(NYSE:MKT:SVLC) says N. Eric Fier, president and chief operating officer, will be taking a partial leave of absence to deal with personal health matters.

Gold Backs Down from Daily High as Outside Markets Turn Bearish

U.S. CPI Falls 0.7% In January

(Kitco News) – Lower gasoline prices continue to ease consumer price pressures in January, according to the latest data from the Department of Labor.

U.S. Weekly Jobless Claims Rise To 313K

(Kitco News) – First-time weekly jobless claims in the U.S. rose by 31,000 to a seasonally adjusted 313,000 during the week to Saturday, the Labor Department said Thursday.

Gold Solidly Higher On More Short Covering, Bargain Hunting and Physical Demand

Gold prices are posting good gains in early U.S. trading Thursday.