The local stock market remained volatile after the Chinese New Year (CNY) holiday. External uncertainties such as global equity market volatility amid central banks’ tightening expectations in main regions and adjustment in key sectors, among other factors, might be main contributors.
Gold mining, for much of its history has been male dominated but this is starting to change. Whilst there is a lot more that needs to be done to achieve gender parity, our Members are working on attracting and retaining a more diverse workforce.
Spot #gold is trading around $1827/oz with a $0.30/oz bid-ask spread on Friday morning in London.
Although it bounced after stronger US inflation data, it couldn't hold those gains as yields firmed late in the day.
But let's look at a slightly longer term perspective...
China’s gold consumption boomed during the CNY holiday. A lower local gold price and freed-up travel budgets – due to COVID outbreaks in different regions – might have spurred consumer interest in gold products, especially Heritage gold jewellery and tiger-themed items.
Global official gold reserves increased by 14.2t in December according to data released by the IMF. Healthy purchases from Turkey and Uzbekistan lifted gross purchases during the month. This marked the tenth monthly purchases for 2021.
