LONDON (Commodity news world): Physical demand for gold has picked up following the sharp mid-week drop in prices, says Barclays Capital in a research note.
“Strong buying from Asia emerged and volume traded on the Shanghai Gold Exchange jumped to its highest since end January,” Barclays added.
“February had been a weak month for physical demand across key regions and Turkey's import data for February confirmed the weak start to the year with gold imports down to 2.06 (metric) tons from 2.96 tons in January,” Barclays continued.
Meanwhile, holdings in the SPDR gold exchange-traded fund were unchanged at 1,293.68 metric tons Thursday. Analysts note that holdings reflect trades settled on the third business day, thus any redemptions from Wednesday would be reported early next week.
“Strong buying from Asia emerged and volume traded on the Shanghai Gold Exchange jumped to its highest since end January,” Barclays added.
“February had been a weak month for physical demand across key regions and Turkey's import data for February confirmed the weak start to the year with gold imports down to 2.06 (metric) tons from 2.96 tons in January,” Barclays continued.
Meanwhile, holdings in the SPDR gold exchange-traded fund were unchanged at 1,293.68 metric tons Thursday. Analysts note that holdings reflect trades settled on the third business day, thus any redemptions from Wednesday would be reported early next week.
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