Gold price rise continues on Asian demand, after strong week

Gold rose 0.6% Monday to $1,394.40 by 18:00 EST, building on its best performing week in a month despite SPDR Gold Trust holdings reaching 4-year lows.

A slightly weaker dollar and continued strong physical Asian demand balanced the ETF outflows.

Central bank gold purchases by Russia, Kazakhstan and Azerbaijan also helped buoy the precious metal price.

Gold rose 2% last week as money moved out of equities in response to weak Chinese manufacturing data and slightly hawkish comments from US Federal Reserve Chairman Bernanke.

Gold is down roughly 17% in 2013.

 

Sources: Reuters; International Monetary Fund; InfoMine

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