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Barclays remains positive on gold

Gold took a break from its upward momentum over the past week and finished relatively flat on the day at $1744.39/oz, while Silver came off by 0.2% to $32.74/oz.

Now Barclays remains positive on gold as the macro backdrop remains supportive for prices, while investment demand continues to be healthy. Gold’s ETPs saw a net inflow of 1.1 tonnes over the past week and a net inflow of almost 64 tonnes for the month of November.

“We have highlighted previously, the official sector buying has added an additional layer of support to Gold prices. ” Barclays added.

On Friday, the central bank of Korea announced it has added 15 tonnes to its gold reserves following the 25 tonnes it had purchased earlier in the year.

“We bought the gold as part of our diversification strategy and based on long-term investment considerations, Barclays concluded. – CommodityOnline

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Posted by on Dec 3 2011. Filed under Gold predictions, Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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