“Gold investor demand shows resilience as buying interest emerges below the $1,500/oz mark. Data this week showed CPI inflation in China has topped the 4% full year government target each month so far this year to April, highlighting the strength of global inflation pressure,” ETF Securities said.
“Sovereign debt concerns were brought back into sharp relief early last week as well, as S&P downgraded Greece’s government debt rating one notch from B to BB-,” the analysts said. “Both factors are providing support to gold.”
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Full disclosure: Tom Lydon’s clients own GLD.