Central Banks Buy Record 1.1 Million Ounces of Gold
2009-03-11 23:10:00
By Jon Nadler
Bullion prices circled the $900 mark and did not stray more than about $5 from either side of that figure during relatively slow overnight dealings. Slack demand (save for a bit of industrial buying) was noted, although a few bargain seekers were spotted under $900. Not the type of buyer whose actions made for the recent surge in prices.
Something else lacking confidence: surveyed participants in the Bloomberg Professional Global Confidence Index.
Their group's metric fell to 5.95 - a reading that reflects items such as a 38 percent January shrinkage in German factory orders, the World Bank's forecast of a global economy in a concerted contraction for the first time since WWII, and a sharp drop in Chinese exports last month.
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