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Traders increasingly bearish on gold

Tags: Gold

Gold rose above $1,290 an ounce on Monday as simmering tensions in Ukraine and a weaker dollar lent support, but a lack of investment on the back of expectations for strengthening U.S. growth held gains in check. Where is the price of bullion headed? BNN speaks to Frank Holmes, CEO of U.S. Global Investors.


Meanwhile, subdued buying in the physical markets is also hurting sentiment towards gold.

In top buyer China, local premiums over the global benchmark have climbed to about $3 an ounce after trading at a discount for most of the last two months on weak demand.

But they are still much lower than the approximately $20 premiums seen earlier in the year.

"China's weakening demand for physical metals was once again confirmed by concrete figures (last week), especially investment demand: according to the China Gold Association demand for gold bars fell in the first quarter by 44 percent compared to the same period last year," Swiss precious metals house Heraeus said in a note. CTV Two CTV News CTV News Channel BNN - Business News Network CP24