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Strategies & Market Trends : Beat The Street With SI Traders
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From: NOW5/24/2010 11:54:27 AM
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By Jon Nadler
A recapture of the 1.24 level by the beleaguered euro and a small decline in the US dollar (to near the 86 level on the index) conspired to dampen gold demand during the overnight hours and the yellow metal fell to a one-week low near $1205.00 per ounce as a result. Risk appetite improved a tad and the quest for safe-havens turned somewhat muted following a bounce in European stock markets. Indian gold prices fell once again overnight as ultra-high bullion prices kept would-be buyers from doing that which their German counterparts have been doing for several days; cleaning out the local gold shop.

The growing lack of Asian gold demand is becoming a concern especially if the debt storm clouds blow away from Europe any time soon. Bloomberg reports that the recent sharp gains in bullion values are cutting into traditional demand from retail investors in Asia. This, according to David Wilson, a London-based analyst with Societe Generale SA., who said that: “The fundamental background suggests that this recent upward move cannot continue forever,” Wilson said. “Demand is crumbling in Asia in the face of gold’s relentless upward march and the volatility in the metal’s price.”

He never does show lack of asian demand however
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