Gold edges down as investors mark time ahead of ECB, U.S. data

Gold edged down on Thursday, as investors marked time ahead of the European Central Bank's monthly policy meeting and the release of U.S. jobs data that should provide clues about the strength of the economy.

"The potential for gold prices to move lower in the next couple of sessions seems greater now because of the incumbent macro events," MKS SA head of trading Afshin Nabavi said.

"Although the ECB is unlikely to change the interest rates, there may be something at the press conference, which could eventually push the euro/dollar lower," he added. "And a stronger U.S. jobs number tomorrow will be seen as the final sign that previous weakness in the data was down to bad weather and that the economy is on the recovery path."

Physical demand across major markets India, Thailand and Indonesia was also weak, dealers said.

Ponzi scheme.

Gold futures contracts opened lower today on lack of buying momentum for the precious metal.

At 9.40am, April 2014 fell seven ticks to RM135.85 a gramme, May 2014 eased two ticks to RM136.30 a gramme and September 2014 lost three ticks to RM136.85 a gramme. June 2014 was flat at RM136.65 a gramme.

Turnover amounted to 25 lots while open interest totalled 1,262 contracts.

At 9:30am, physical gold was 20 sen lower at RM131.22 a gramme.-- Bernama

from earlier reading and research, the most minimal profit making a gold mining company can sustain is at 1100-1200 USD. If it drops below that, rest assured slowly a few mining companies gonna be put out of business... when supply decrease, in anticipation this market price can suddenly jumps back...

China imports less gold as demand wanes, currency weakens

Banks in China have been importing less gold over the past month as demand waned after the festival season, while cheaper prices at home due to a softer yuan also curbed overseas purchases of the precious metal, banking sources and traders said.

A significant drop in import volumes by China, which overtook India as the world's top gold consumer last year, could hurt global prices of the metal that fell 3% in March as investors shifted money to better-performing equities.

"In the last four weeks, we have seen pretty poor demand."

Banks are reluctant to bring in more gold into the country at a time when demand is soft and a weak yuan would force them to take losses on any sales, the bank source said.

A few banks are also sitting on some stock that they had imported earlier when the yuan was stronger and which they are now holding on to due to the cheaper domestic rates.

"They are waiting for prices to turn positive to offload the metal that they have got on hand. That is also limiting the amount of gold being imported at the moment," the source said.

Another banking source said the cost of importing and delivering gold into China was between $2.50-$3 an ounce and that premiums would have to be higher than that for banks to start buying aggressively again.

Gold heads for longest weekly slump since September before data
http://www.themalaymailonline.com/money/ar...ber-before-data

As if closed mines can't be reopened and operating mines can't increase production.

Ponzi scheme

Of course. The price move in anticipation of events, not when its already long happen. There's short timeframe window for profit taking.

Same case with middle of last month. The price gold increase in anticipation of Crimea being annexed n market is anxious to anticipate what might happen. When the annexation completed..the price slide back.

This post has been edited by max_cavalera: Apr 4 2014, 10:01 PM

Gold crept higher yesterday, ahead of a US jobs report but prices were still set for longest weekly losing streak in more than six months as optimism about the US economy boosted the dollar and equities.

Spot gold was up 0.4 per cent to US$1,292.30 (US$1.00 = RM3.27) an ounce by 1145 GMT. It is on track for a third straight week of losses, its longest losing streak since September. It hit a seven-week low of US$1,277.29 on Tuesday.

Gold futures for April delivery rose US$8.90 to US$1,293.40.

Platinum rose 0.3 per cent to US$1,441.99 and palladium was up 0.7 per cent at US$789. Silver was up 0.9 per cent to US$19.95 an ounce. Reuters

Woman Flyer Wears 6 Undies To Hide 2 Kg Gold
http://www.indiatimes.com/news/more-from-i...old-139310.html

India n Japan have imposed gold tax. Especially when involves transporting it out of f country...

Malaysia also same? How much %?

If I'm not mistake n 5-8% tax on the value of gold. Japan recently increase it from 4% to 8%...

Really? I tot higher rate (I donno actual %). People say Malaysia pricing much higher (tax %) than Singapore & others Asean countries

juz found out the tax rate for gold in Malaysia.

Import Duty + Surtax + Sales Tax = Total

Gold Bars (7%) +(5%) +(10%) = 22%
Gold Ornaments (15%) + (5%) +(10%) = 30%
Loose Jade & Diamond (15%) +(5%) +(10%) =30%

That's a lot.

yup
that's people say buy in Singapore "cheaper"

I heard from my friend that Hong Kong is tax free.

wow