Daily Market Update

China Reports Gold Reserves Unchanged Again at End 2013

Today’s AM fix was USD 1,244.25, EUR 912.88 and GBP 749.91 per ounce.
Yesterday’s AM fix was USD 1,239.50, EUR 915.57 and GBP 749.67 per ounce.
 
Gold fell $5.81 or 0.4% to $1,235.80/oz. Silver slipped 0.12 or 0.6% to $19.73/oz.

Gold prices rose today after the falls this week led to bargain hunting. Gold rose in price after CNBC reported that India’s Congress President Sonia Gandhi has sought a lowering of import duty on gold.

The People’s Bank of China website reports China’s gold reserves at the end of December 2013 were 33.89 million fine troy ounces, the same amount when they last reported gold reserves in April 2009.

China is probably the world’s third largest holder of gold after the U.S. and Germany.

The U.S. Mint has sold 3,969,000 ounces of silver coins so far in January. At that pace, total sales for the month would be 5,705,438 ounces, down 23.9% from a year earlier.

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Mark O'Byrne
Executive Director

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