by Adrian Ash, Gold Seek:
“We believe there is a strong element of short covering behind the recent buying in gold,” says one broker’s note, pointing to the record-large number of bearish bets held by speculative traders in gold futures.
“Precious metals are looking heavy,” says Standard Bank’s commodity team in London, saying that gold prices are “sitting on support at $1330.”
Gold demand in China – the world’s No.2 consumer nation – eased off Tuesday, with premiums for 0.995 fine gold bars traded in Shanghai slipping to $20 per ounce above benchmark London prices, down from $37 a fortnight ago.
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