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Robust Demand From Asia Underpins Gold Price
Posted March 31st, 2014

Los Angeles CA, Mar 31 (Tangible Investments) - by James O’Dell - Gold and silver prices inched higher on Friday, with gold gaining $2.40 or 0.19
percent but still finishing the week near six week lows at $1,294.43 an ounce on mixed U.S. economic data. The price of silver rose $0.10 or 0.51 percent to end the week at $19.82 an ounce.
 
Comments made by Fed Chair Janet Yellen on Mar. 19, that interest rates could rise by mid-2015, sparked the recent pullback in the precious metals when it appeared to investors that the Fed had moved up its timeline for a rate hike, but the Fed has been calling for a rate increase by 2015 for quite some time now.
 
Robust demand from Asia continues to underpin the physical gold market while bargain hunters find current prices very attractive. China's bullion imports through Hong Kong hit 109 tons in February, a 30 percent increase over January and an 80 percent increase from February a year ago.
 
Meanwhile, after four hours of intense negotiations at the Russian ambassador's residence in Paris on Sunday, U.S. and Russian diplomats remain far apart over key issues in the stabilizing of Ukraine after Russia's recent capture and annexation of Ukraine's Crimean peninsula. The U.S. insists that "any solution" must  begin with the pullback of Russia's estimated 40,000 troops now massed on Ukraine's border, but Russia remains reluctant to do so, saying the forces are merely conducting routine military exercises.

Secretary of State John Kerry and his counterpart, Russian Foreign Minister Sergei Lavrov agreed that the hastily called meeting was constructive and suggested that there may now be a willingness on the part of Moscow to work with the interim Ukrainian government. The two envoys met after Russia's President Putin called President Obama on Friday to discuss the Ukraine crisis. President Obama suggested that any reply by Russia to the U.S. proposal be in writing.

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