Gold futures settled higher on Monday, recouping some of their losses from late last week, as investors questioned the dollar rally’s near-term durability, offering a demand boost for the dollar-priced precious metal.
Gold futures ended higher Wednesday, as a pullback in the dollar on the back of a potential new round of trade talks between the U.S. and China lifted prices for the metal to the highest finish in two weeks.
Gold futures headed modestly higher Monday as the dollar weakened on the heels of a rally in the British pound, offering a reason for the dollar-denominated precious metal to move up after posting a third-consecutive weekly loss.
Russia has ramped up its gold buying, adding 26 tonnes to its reserves in July, according to International Monetary Fund data.
That's equivalent to roughly $1 billion of additional gold purchases.
As Russia buys gold, it continues to sell US Treasurys, in response to sanctions first placed against the state in 2011.
If you haven't noticed, no one is buying gold as a safe haven anymore.
The current turmoil in Turkey, Argentina, China, and emerging markets has not moved gold at all.
Investment demand continues to fall. Gold jewelry demand in India will fall at a much faster pace in the future.