Strong Buying In Asia Over Lunar New Year Holiday
A stronger U.S. Dollar Index (over 96) is keeping Gold on the defensive. However, strong buying in Asia over the Lunar New Year holiday is driving demand, and keeping the price above $1,310 per ounce. China’s Gold demand climbed by 5.7% to 1,151 tons in 2018, a remarkable number considering it traded at an all-time high value in Chinese currency. At 11am PT today, Gold is trading at $1,311 per ounce, down $4 on light volume.
Silver followed Gold lower today, reaching a low of $15.65 per ounce before seeing bargain buying. The Chinese New Year holiday is helping physical demand for Silver. At 11am PT today, Silver is down $0.14 per ounce, trading at $15.70 on normal volume.