therealasset.co.uk / by Jan Skoyles / Apr 30 2014
The gold price is holding steady below $1,300 this morning ahead of the FOMC statement release. There is rife speculation amongst analysts that the FOMC will decide to cut the Federal Reserve’s monthly asset purchases by $10 billion to $45 billion.
Gold is still up for the year, by 7.8%, mainly thanks to sustained buying in Asia and renewed safe-having demand due to ongoing tensions between Russia, Ukraine and the West.
For a sixth consecutive day, assets in the SPDR Gold Trust remain unchanged at a 12-week low of 792.14 metric tons.
India’s gold exports clim
Last quarter the Reserve Bank of India allowed more banks to import gold, as a result of this relaxation in supply restrictions gold jewellery exports rose for the second month in March. The exports came to 50 tonnes, almost double those of the previous month. This will come as a relief to artisan jewellers who saw gold jewellery exports fall by 40% in the fiscal year ended March 2014.