(Kitco) – SPDR Gold Shares (GLD), the world’s largest gold exchange-traded fund (ETF), holdings of gold decreased by 10.21 tonnes over the last week, administrators say. Holdings steady at 872.02 tonnes as of Friday, down from 882.23 as of October 18. (According to a weekly report) Daily share volume was 8,762,531, in comparison with 5,338,800 reported one week ago. GLD closed Friday at $130.45, an increase from $126.85 on October 18.
Withdrawals from international gold exchange-traded products up to now in Oct. have exceeded the last 2 months, however gold-coin sales by the U.S. Mint even have higher than Sept and Aug, says Barclays. International ETPs last week experienced one daily inflow of 6.4 tonnes that was the most important since January.
At the same time, Barclays says, outflows for Oct. up to now 46 tonnes. This exceeds outflows of 25.7 tonnes in September and 17.9 in August. “According to the most recent information from the U.S. Mint, U.S. gold coin sales have already surpassed total sales over August and September,” Barclays says. Combined bald eagle and Buffalo coin sales up to now in Oct. 55,500 ounces, in step with the Mint’s web site. The combined total was 23,000 in Sept and 21,500 in August.
Barclays describes the political economy scenery and technical image as optimistic for gold, with the basics, foreign-exchange market and capitalist flows neutral. A soft U.S. Sept jobs report issued last week weakened the case for a Dec. tapering of the Federal Open Market Committee’s program of quantitative easing, Barclays says.
Volumes listed on the Shanghai Gold Exchange have softened to the amount from Apr, before a pointy worth drop, though they did devour on Fri, Barclays says. Indian shopping for is down compared to last time of year competition periods, with jewelers having problem getting gold attributable to imports place into place this year to combat a current-account deficit.
Technically, the bank lists resistance at $1,358 and $1,375 an oz, with support at $1,325 and $1,310. “Gold recovered inside vary, with patience waiting for a stronger optimistic signal and solely cautiously optimistic for the present,” Barclays says. “Targets towards $1,375 before $1,425/33 space can become troublesome to beat because the 200-day average provides resistance during this region.”