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Rally In Gold Possible On Weak Jobs Report
Posted May 1st, 2014

TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and silver prices retreated in thin trade on Thursday with gold easing to $1,282.30 an ounce while Silver dipped to $18.93 an ounce, even as the U.S. economy reportedly expanded by a disappointing 0.1 percent GDP in the first quarter. "We are now testing the recent lows after the Fed tapering and as volumes are low due to the holiday in most European countries and a test of the $1,275 mark could be crucial," said Societe Generale's Robin Bhar.
 
UBS says that gold’s muted response to the weak first quarter GDP numbers is a signal that investors “don’t have enough conviction to buy the metal.”  But demand for physical gold in China, the world's number one consumer of gold, has been somewhat soft since the Chinese New Year in February, due to a weaker yuan. The world's second biggest consumer, India, has been dogged by draconian import tariffs and premiums of more than $100 an ounce, putting a damper on demand in that country.
 
Indian demand could, however, see a marked increase on Friday with the start of the Akshaya Tritiya festival, an auspicious occasion and a traditional time for Indians to buy gold. MKS (Switzerland) SA, believes that Friday’s non-farm payrolls report might be a better catalyst for gold, and an opportunity to break out of its recent trading range. “Technically, we see the market remaining between $1,275-1,300 with a slight downward bias for the interim,” said the firm. “The impending NFPs could be the catalyst for a breakout later this week, as traditionally gold has been very sensitive to this figure, but we feel it will have to be a surprise number to do this.”
 
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