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GOLD: Weekly Analysis & Forecast

Gold futures slip 0.2% to $2,320.1 a troy ounce, with trading in a narrow band supported by China’s persistent gold purchases. China’s central bank expanded its reserves of the precious metal for an 18th straight month in April, adding 1.9 metric tons–bringing its total up to 2,264.3 tons, ING analysts say in a note. Gold demand from central banks were the strongest on record for the first quarter of the year–but the pace of China’s buying slowed in April amid historically high prices, ING says. Bullion hit an all-time high in April, peaking above $2,400 an ounce after a rally underpinned by strong demand from central banks and geopolitical tensions, ING says. Elsewhere, copper declines 1.4% to $9,868.5, while aluminum falls 1.6% to $2,528.5 a ton.

 

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