Gold prices are staying close to the important $5,000 level as global trading activity slows down during the Lunar New Year holiday period. Lower participation from major Asian markets has reduced volatility, keeping prices in a narrow range.
Lunar New Year
China’s Recovery Points to Lunar New Year Boost for Gold Demand
Gold Demand : China’s economic recovery from the coronavirus pandemic may offer some solace to gold bulls, with expectations building that jewelry demand will rebound following last year’s wipe out.
Precious Metal was on Track to Post a Weekly Gain
Precious Metal – Spot gold fell 0.2 per cent to $1,560.50 per ounce by 0131 GMT. For the week, prices were on track to gain 0.3 per cent. US gold futures slipped 0.4 per cent to $1,559.20.