For the second straight week, Gold moved upward today. Recent market uncertainty regarding the US dollar and markets combined with traders excitement for precious metals prices has allowed the growth of gold throughout the globe. Economic data is expected to be released later today on the consumer price index, industrial production,and international capital data. This will have a key impact on gold prices coming into the weekend.
According to the World Gold Council, central banks are continuing to put their reserves in gold at the highest levels since 1964. However, this is countered with the fact that two major global buying countries, China and India, both had gold buying levels down throughout the past week. Of course, this was after the buying spree of last month during the Lunar holiday new year. Later trading throughout this afternoon will better illustrate the overall feeling of the worldwide precious metals market heading into the weekend.
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