National Bank of Hungary buys gold
Gold traded above the $1220 on Friday, and has since continued to attract buying from some investors. ETF itself bought 110,633 ounces of gold on the last trading session and short covering from physical buyers supported gold above the $1224 level.
At these current levels, the physical demand is relatively quiet in the Middle East. The direction of gold will be following economic data coming from the US, and there needs to be more buying interest to keep the momentum for gold to trade higher.
In other news, Hungary announced it has raised their gold reserve by tenfold to 31.5 tons. Their intention is to improve the safety of reserves and to mitigate risks.
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