Gold fall a few dollars in a directionless day with little news and even less economic data, as markets await news from Spain. In a surprise move today, the RBA reduced interest rates in Australia by to 3.25% from 3.5%. Trade was thin as Chinese markets remained closed for a week-long holiday and investors awaited the U.S. government’s NFP report scheduled for Friday. Analysts expect 113,000 workers to have been added to non-farm payrolls in September, or increase from 96,000 jobs in August.
Purchases of physical gold ETFs continue to increase. At the same time, the supply of gold is not increasing much. Japanese pension funds have begun buying gold, as others around the world may as well. Central banks around the globe have upped their purchases also.
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