Gold Futures Higher with Central Bank Buying

As central banks worldwide bought gold to increase their nation’s bullion holding, gold futures saw a spike higher for the first time this week.  By the closing bell, however, any early gold futures gains was negated.

IMF data shows central banks in Europe, Central America, and the Middle East all increasing their gold holdings, and Turkey itself boosted its gold reserves by almost 30 metric tons alone!.

Gold (futures) turned higher for the first time this week after suffering heavy losses in the past few sessions. Turkey, Ukraine and Mexico were shown to be increasing their gold reserves,” said Barb Levy, chief director of Futures & Options Xecution’s Futures Division in Chicago, regarding the current gold futures situation.

Gold futures trends remain down and I think we may have been stopped out prematurely.  I am looking to get back short gold futures on a minor bounce higher (for Friday’s session).

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