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- Base metals, Crude Oil may trade lower on weak China PMI data; Gold, Silver to be positive
- Spot gold prices increased by 1.58 percent on the back of weak Dollar Index. Further, weak stock markets increased the demand for precious metal as protection of wealth.
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BAKU(Commodity Online): In a report that appeared in the Azerbaijan media, it has been said that the State Oil Fund of Azerbaijan has placed its gold reserves in the vaults of Central Bank of Azerbaihjan (CBA) in Baku a fortnight before, in a repatriation process. The gold purchase has been going on since February 2012 to the tune of 10,000 ounces a week. By early 2013, the Fund had bought gold assets up to 14,934 kg.
“Initially London-based warehousing units of JP Morgan were selected for storage, but now all the gold will be gradually transferred to storage in Azerbaijan. Prior to the completion of construction of a new residence of SOFAZ this gold will be stored in the CBA vaults, and then will be transferred to the Fund’s own store in its residence at Heydar Aliyev Avenue in Baku.” the report said.
British company Brink’s Global Services delivered the 1 ton of bullion. The purchase was reportedly carried out from LBMA (London Bullion Merchants Association).
Meanwhile central banks of Russia and Kazakhstan too purchased gold for fourth straight month in January. Russia hiked holdings by 12.2 metric tons to 970 tons last month even as Kazakhstan holding of bullion gained 1.5 tons to 116.8 tons, a 41% addition.
“Central-bank buying remains one of the bullish factors for gold,” Jiang Yangjing, an analyst at China International Capital Corp., said to Bloomberg.
“Prices at the moment are driven largely by macroeconomic data.” he added.
According to World Gold Council, central banks could be strong buyers this year too as they boosted purchases by 17 percent to 534.6 tons last year.
