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Column-gold Rallies Won't Sustain Without More China, India Buying: Clyde Russell

Gold Slips as Equities Steady, Fed Trims Bond Buying

Turning to China, and news that the Asian giant imported a record amount of gold in 2013 from Hong Kong, the main transit point for its purchases, boosted optimism that demand in the world's biggest consumer remains robust. China imported about 1,158 tonnes from Hong Kong last year, almost double the 2012 total, as buyers took advantage of the plunge in prices. However, Chinese buying may taper once the Lunar New Year holidays conclude early next month. Retail buyers are likely to have already taken advantage of the lower prices in 2012 and merchants are believed to have re-stocked inventories.

Gold spot price retraces on weak Chinese demand

UK house prices rise at fastest pace since May 2010 However, gold today failed to hold on to overnight gains as demand from China, the worlds largest gold consumer, faded ahead of the Lunar New Year holiday. Commerzbank analysts write in a note that the strong buying interest from China seen in the first weeks of January looks set to abate after the New Year festivities. They add that prices could come under more pressure in the near term. Spot gold is currently 1.25 percent in the red at $1,253, after gaining nearly one percent yesterday. Todays decline was assisted by the resistance area around $1,268, formed by the confluence of the 89-day simple moving average and the 50 percent Fibonacci retracement of the fall from $1,361 to $1,178. Gold premiums on the Shanghai Gold Exchange today declined to $4 an ounce, from $5.50 yesterday, as volumes were just 1.5 tonnes, compared with yesterdays 8.4 tonnes and Tuesdays 14 tonnes.

January 30, 2014, 3:52 p.m. ET Gold Slips as Equities Steady, Fed Trims Bond Buying --Comex April gold falls $19.70, or 1.6%, at $1,242.50 a troy ounce --Federal Reserve's bond-buying cut, U.S. GDP acceleration weigh on gold --Platinum falls after South African mine workers reject wage offer By Matt Day NEW YORK--Gold slid on Thursday as stability in stock markets and a stronger dollar left less investor appetite for the safe-haven asset. Gold had pushed to a near-nine-week high on Wednesday as renewed turmoil in emerging markets sent global stock markets into retreat.

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