Asian Consumer Demand for Gold Seen Staying Strong This Year [BNN Bloomberg (Canada)]
StoneX Group Inc. (SNEX)
Company Research
Source: BNN Bloomberg
Attendees at a precious metals conference in Singapore this week were enthusiastic about bullion's prospects, seeing demand across the region staying strong. That's even after a record-setting rally that's spurred a 16% jump since mid-February, taking prices to above $2,300 an ounce. “The change in sentiment has brought obviously new higher prices — and that brought people back in,” Rhona O'Connell, head of market analysis at StoneX Financial Ltd., sad on the sidelines of the conference. But “it's not just a reaction to price, it's a reaction to what has driven the price in the first place, which is uncertainty and the concept of risk.” With more than 40 countries holding elections this year, political risk was a major theme at the Asia Pacific Precious Metals Conference. Anxiety over the worsening state of major economies, particularly China, and a slump in local currencies are also adding to gold's appeal, even as it makes the metal more expensive for most buyers. China remai
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