Daily Market Report 6/5/13

GOLD

Gold rallied this morning in Asia, moving back above the $1,400 level, on news that Chinese Gold imports are likely to increase dramatically after more than doubling to an all-time high in March. Retail consumers have pounced on Gold in the past two months when prices plunged to a two-year low.

In the U.S., Gold rallied after private-sector employment growth rose less than expected, and as U.S. equities headed broadly lower.

At 11am PDT today, Gold is trading at $1,401 per ounce, up $3 per ounce on average volume.

GOLD DEMAND IN CHINA JUMPS OVER 100% IN MARCH

Net Gold flows from Hong Kong to China, the world’s No. 2 Gold consumer after India, jumped to 136.185 tonnes in March from 60.958 tonnes in February, smashing a previous record of 114.372 tonnes in December, data from the Hong Kong Census and Statistics Department showed today. That makes up more than half of record Gold exports to China from Hong Kong in 2012, which stood at 557.478 tonnes.

SILVER

Silver has traded today in a narrow $0.44 per ounce price range.

At 11am PDT today, Silver is up $0.08 per ounce, trading at $22.53 per ounce on light volume.