Albert Cheng News
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Gold headed for the first weekly advance this month as optimism that Greece may receive a second bailout and avert default hurt the dollar, boosting demand for the precious metal as an alternative asset.
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Gold provided the best returns of all commodities in the past five years when adjusted for volatility, and Goldman Sachs Group Inc. says the rally will continue as options traders signal no change in the metal’s relatively low risk.
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Gold investment demand in China is likely to top a record 200 metric tons this year, the World Gold Council said.
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China’s gold imports from Hong Kong jumped 30 percent in September from a month earlier, said the Census and Statistics Department of the Hong Kong government.
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China’s gold imports jumped almost fivefold in the first 10 months from the entire amount shipped in last year as concern about rising inflation increased its appeal as a store of value, said the Shanghai Gold Exchange.
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Gold imports by China may increase after investment demand more than doubled in the first quarter, with the country overtaking India to become the largest market for gold coins and bars, the World Gold Council said.
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China’s investment gold demand may reach 150 metric tons this year, up from 105 tons last year, Albert Cheng, managing director of the World Gold Council’s Far East department, told a conference in Shanghai today. That’s an even larger increase when compared with the 3-4 tons 10 years ago, Cheng said.
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Gold demand in Vietnam, which consumes more of the precious metal per head than India and China, is set to surge as the third devaluation in the past year and a stock-market slump combine to spur sales.
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Gold may rise for a fourth day in New York as concern about Europe’s debt crisis spurs demand for a protection of wealth and as China’s bullion imports surged. Palladium climbed to a nine-year high.
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