Gold traded mostly higher on Thursday attacking the $ 1750 resistance several times before breaking through. Quietly but steadily gold is up $ 40 on the week and almost $ 100 since beginning of this year. Its not a spectacular move but it proved that dips are being bought by investors in spite of the fact, that physical demand was rather low. SPDR ETF Holdings increased 3.6 tons on the week. U.S. data came in largely as expected, with jobless claims and productivity data providing no surprises. Fed Chairman`s Bernankes congressional testimony didnt reveal anything new. Today US unemployment report will be watched closely and markets might remain quiet until then. Market expects an increase of 140 K in non farm payrolls. In the news:
India, traditionally the largest consumer of gold, witnessed a significant drop in demand and consumption in 2011 but China, the largest producer of the yellow metal, saw a stunning surge in demand. Taking into account China`s import of 490 tonnes and a domestic production of 361 tonnes, Chinese demand in 2011 was 851 tonnes against 868 tonnes in India.
Indian demand collapsed in the fourth quarter of 2011 due a slide in the value of the rupee.Impala Platinum, producer of about a quarter of global platinum, fired 17,200 workers after an illegal strike halted its Rustenburg mine, the world’s biggest for the metal, producing 941 K ozs last year.
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