Gold market sees largest quarterly surplus since Q4 2005 – Thomson Reuters


According to a latest report on gold, published by Thomson Reuters research, the global gold market stands at a surplus of 250 tonnes

Key findings from the report:

Falling mine production (822 tonnes, down 2.1%)

Healthy demand for physically-backed gold ETFs (over 100 tonnes for the third quarter in a row)

Is not enough to offset a surge in scrap supply and plummeting sales of jewellery in Asia

India & China saw jewellery consumption down 41% and 27% respectively year-on-year (despite an improvement in demand compared to the prior quarter)

The report says the gold price is unlikely to fall below $1,240

Next year the price is set to rally, averaging $1,420 an ounce

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD in a phase of bearish consolidation around 1.0850, US NFP eyed

With the US dollar bulls taking a breather following the latest upsurge, EUR/USD is licking its wounds ahead of the European open. The spot trades close to the six-day lows reached Thursday at 1.0820, as it awaits the critical US data for the next direction.

EUR/USD News

GBP/USD: Weaker below 1.2400 ahead of UK PMI, US data

GBP/USD bears the burden of broad US dollar strength while waiting for fresh impulse. UK plans to issue coronavirus “immunity passports”. Final reading of the UK’s March PMIs, US jobs report and ISM Non-Manufacturing PMI will be in focus.

GBP/USD News

Forex Today: Coronavirus risks loom, USD bulls take a breather ahead of US Payrolls

The relentless rise in the coronavirus cases world-wide continues to keep the investors on the edge. The US dollar continued to enjoy the safe-haven flows, as the Asian equities turned negative alongside the US stock futures.

Read more

WTI: Depressed below $24.00 as traders fail to cheer hopes for production cut

WTI fails to keep buyers hopeful as fears of coronavirus outbreak renew. China’s Caixin Services PMI came in positive, US President Donald Trump reiterated hopes for Saudi-Russian pact for an oil production cut. US economic docket, virus news will be the key for near-term direction.

Oil News

Gold snaps two-day recovery, stays above $1,600, as trade sentiment sours

Gold fails to extend the previous recovery gains amid fresh challenges to risk. Wuhan Chief cited coronavirus resurgence risk, Washington Governor extends lockdown. S&P keeps US rating/outlook intact, expects a recovery in 2021.

Gold News

Forex MAJORS

Cryptocurrencies

Signatures