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Is Gold Losing Steam?

Source: Bloomberg

Gold holdings in exchange traded funds stand at 1,645.1 tonnes. According to the U.S. Commodity Futures Trading Commission, the net long positions in gold increased 15% to 167,693 futures and options in the week ended January 27. These are the highest levels since 2012.

Asian gold buying

Recently, Russia's central bank added 20.7 tonnes to its reserves, making it the sixth largest holder of gold in the world. Russia's gold reserves now stand at 1208.8 tonnes or 12.2% of its total reserves.

China's gold demand touched 866 tonnes in 2014. GFMS expects Chinese demand to uptick in 2015 but demand will remain below 2013 levels. India imported 940 tonnes of gold between April 2014 and January 2015, and is expected to import another 160 tonnes till March. The Indian government is likely to reduce import duty on gold by 2% to 4%, which will give boast to… Read More …