Spot Chart | <b>Gold</b> Shines Most in September on Seasonal Buys: Bloomberg <b>...</b> | News2Gold |
<b>Gold</b> Shines Most in September on Seasonal Buys: Bloomberg <b>...</b> Posted: 27 Aug 2014 05:11 AM PDT Gold Shines Most in September on Seasonal Buys: Bloomberg Chart of Day
Gold investors hurting from prices within 1% of a two-month low can find solace from the historical record and research and showing gold performs best in September. The BLOOMBERG CHART OF THE DAY shows bullion averaged gains of 3% each September over the past 20 years, beating next best month November, when prices rose an average 1.8% according to Bloomberg based on a market update by GoldCore. We covered gold's seasonality and gold's best performing months here. Buying increases with India's festival period, which runs from late August to October and is followed by the wedding season. At these times, bullion is bought for part of the bridal trousseau or in jewelry and bar form as gifts from relatives. Chinese purchases may also increase toward year-end, before the country's Lunar New Year celebration in February. China replaced India as the largest gold buyer in 2013. "Indian jewelers and dealers will be stocking up in the coming weeks, so it should affect prices," said Mark O'Byrne, a director at brokerage GoldCore Ltd. in Dublin. "A lot of traders are aware of this trend towards seasonal strength, so that may contribute to higher prices. They tend to buy and that creates momentum." See Gold Shines Most in September on Seasonal Buys: Bloomberg Chart of Day here MARKET UPDATE Gold climbed $6.20 or 0.49% to $1,282.40 yesterday and silver rose $0.03 or 0.15% to $19.40 per ounce yesterday. Gold in Singapore was virtually unchanged overnight but has ticked up marginally in London trading.
Silver for immediate delivery rose 0.4% to $19.53 an ounce. Spot platinum rose 0.8% to $1,422 an ounce. Palladium was unchanged at $891 an ounce – remaining near record 13 year nominal highs. Gold is now trading above its 200 moving average of $1284, and the gold price remains relatively strong despite a stronger dollar, rallying equity market indexes, and a relative easing of geopolitical tensions. The gold/silver ratio is currently 66.10, near its one year high showing silver remaining very good value versus gold. Receive our award winning research here | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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1 Comment for "Spot Chart | Gold Shines Most in September on Seasonal Buys: Bloomberg ... | News2Gold"
Gold trading range for the day is 27819-28125.