Saturday 26th April 2008 5:06 pm: Dubai gold demand & US weekly closes.
If there is strong physical gold demand underpinning this market from savvy creditors of the United States who might be feeling a little reluctant to add to many US$ to their central bank reserves or retirement accounts, perhaps some serious buying will emerge to prop up this market!
However, Kitco links to an article that says Dubai gold demand moderate despite price slide, so maybe we are not out of the woods yet!
End of week close on gold: $886.00/886.80 Bid/Ask on Kitco. One year performance is still +$202.00 +29.53%, even though we are $140 off the high. That shows what a run-up we had at the turn of the year. Maybe that huge 2007-2008 up move was a bit overdone for the time being.