The best performing precious metal for the week was nearly a tie with platinum up 0.85 percent and silver with a gain of 0.70 percent, as gold, silver and platinum began to find support towards the close of the week. A Bloomberg survey this week shows that traders are split on their outlook for gold prices, with six bullish and four bearish. Gold demand is rising in the world’s two biggest gold markets, India and China. In India, gold imports increased more than four-fold in April, reports Bloomberg, to 98.3 metric tons compared to 22.2 tons a year earlier, in anticipation of the wedding season. Meanwhile in China, gold demand may rise to the highest level in four years in 2017. Consumption could surpass 1,000 metric tons compared to 975 tons last year, driven by slowing property prices and tensions with North Korea. Bank of China International led a $29 million capital raise for an online trading platform, G-banker. G-banker allows users to buy, sell, deposit and withdraw gold on its digital platform and mobile app.
This post was published at GoldSeek on 15 May 2017.