Gold Gains on Seasonal Asian Demand

by Christopher Freeburn | August 20, 2013 4:24 pm

Gold Silver GLD IAU SLV[1]Better-than-expected monsoon rainfall and the start of the Hindu festival of Raksha Bandhan, traditionally a period of increased physical gold buying in India, bolstered investor sentiment that gold demand from Asia will continue to rise.

The metal finished the day up modestly with the market looking ahead to the release of the minutes from the U.S. Federal Reserve’s Federal Open Markets Committee Meeting on Wednesday.

Gold futures for December delivery rose 0.5% to $1,372.60 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,378 and as low as $1,351.60. Gold bullion closed in London at $1,373, according to BullionVault[3].

Silver futures for December delivery slipped 0.4% to $23.12 per ounce. Tuesday’s high for silver was $23.35, while the low was $22.32.

Gold and silver funds were mixed in Tuesday trading.

Gold and silver mining ETFs gained during the day.

Gold mining shares advanced on Tuesday.

Silver mining shares climbed during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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