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...Allied Gold said it “received payment instructions in compliance with the obligations outlined in the purchase agreement” and payment was made in line with the instructions and agreement....
...The rally has been one of the most ferocious but also mysterious, since most of the demand is coming from China and a sell-off is under way at exchange-traded funds and bullion dealers in western countries...
...The precious metal has been breaking out recently amid higher than expected inflation in the US, and general anxiety over everything from geopolitics to the November presidential elections to where monetary...
...and this also helps reduce the fund’s risk....
...trader at Heraeus, a refinery of precious metals....
...Bitcoin has been dubbed “digital gold” but the rapid growth of bitcoin exchange traded funds in the US has not driven outflows from gold ETFs, according to investment bank research....
...After big gains earlier this month the yellow metal has been trading close to the $2,200 per troy ounce mark, and even briefly rose as high as $2,222 on Wednesday....
...“It has been the quietest, most confusing rally,” said Nicky Shiels, precious metals analyst at MKS Pamp, a Swiss gold refinery and trading house....
...VettaFi’s own data suggests that the Industrial Select Sector SPDR Fund (XLI) saw inflows of $829mn in March, the Materials Select Sector SPDR Fund (XLB) $574mn and the Energy Select Sector SPDR Fund (XLE...
...Ironically, this disconnect between metal and miners may prompt more dealmaking. Investors haven’t shunned all gold miners....
...But James Steel, precious metals analyst at HSBC, said that changing expectations of rate cuts, which have been back and forth since the start of the year, were not the main driver of gold’s latest move....
...“Surging demand in gold’s number one consumer nation shows no sign of letting up,” said Adrian Ash, director of research at BullionVault, an online precious metals investment service....
...The new currency “shall be anchored in and backed or covered by a composite basket of foreign currency reserves and precious metals received [mainly gold] and valuable minerals”, according to a ruling Mnangagwa...
...Not only is it a precious metal with a history of coinage, but it is used in photovoltaic (or solar) energy....
...The precious metal’s price was down 1.2 per cent at $2,156.75 per troy ounce in afternoon trading in New York on Tuesday, after moving higher for nine days in a row and reaching a record high....
...But perhaps the purchases by Chinese households of gold through jewellery, bars and even exchange traded funds had been missed....
...Exchange traded funds alone hold over $200bn-worth of gold. Prices now obey the laws of finance. Sure, gold has its quirks — but what matters is relative value....
...Gold buying was led by emerging economies, notably China and Turkey....
...At the same time, though, we struggle to see the makings of an explosive gold rally. The metal has tried and failed for three years to break its ceiling of $2,050 or so....
...The wall of buying has Beijing’s fingerprints all over it as Central Huijin, an investment arm of China’s sovereign wealth fund, joined a raft of state-owned insurance companies and asset managers in buying...
...Gold reached its previous record high of $2,072.49 per troy ounce in August 2020 when the coronavirus pandemic was hitting the US economy, leading investors to snap up the precious metal....
...The board has appointed Ian Cockerill, currently deputy chair at Endeavour and the former chief executive of Gold Fields, a South African gold mining company, as CEO....
...The gold price has risen by about 15 per cent in the past year, and 10 per cent since lows in October....
...The price of gold hit a one-month low on Wednesday, with traders dumping precious metals and Treasuries as hope for a March rate cut from the Federal Reserve dimmed....
...“It’s the geopolitical risk premium that has come in for gold,” said Nicky Shiels, metals strategist at MKS Pamp, a Swiss precious metals refiner and trader....
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