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Gold bugs have started the week on happier note today, as report released by People's Bank of China (PBoC) showed that it has been active buyer in the gold market.
Why China reporting gold reserve:
- In a bid to win a seat for Yuan in International Monetary Fund's (IMF) Special Drawing Rights (SDR) basket this year PBoC has decided to follow IMF's Special Data Dissemination standard (SDSS), which includes reporting of gold reserve.
How much China bought:
- China boosted its gold reserve by more than 1% to 1677 tons by buying 19 tons in July.
Speculation is high that Chinese central bank will remain active in the gold market with bids, since price hovering at multi-year low in order to effectively diversify its reserve.
Gold has found some support this week to start with, however $1120 area proving to be crucial resistance.
Gold is likely to trade higher around $1150 area, if this area is successfully cleared. Gold is currently trading at $1119/troy ounce.
