Gold trades at US$1228 an ounce in electronic trading
Sydney-Australia (Oct 27) Gold in the spot market has started the week 0.3% softer at US$1228 an ounce, at 10.30 am ESDT Sydney.
On Friday in New York, gold futures for December added 0.2% to settle at US$1,231.80 an ounce. For the week the yellow metal was off 0.6%.
Adding interest to gold bugs is the physical demand coming out of Russia.
The Russians has now been net buyers for seven months running and its gold reserves are now up to 1,150 tonnes.
In September they bought 37 tonnes.
Russia is now officially the world’s fifth largest holder of gold, but could be one place lower as China’s reserves are thought to be understated. Russia is also the number three gold producer.
Source: ProActiveInvestors.au
