Gold price inches up on physical demand, weak German data

MINING.com Editor | April 24, 2013 | 10:55 pm Precious Metals Asia China Europe Silver

Gold clawed its way up over $1,430 Wednesday on strong physical demand and weak industrial and service-sector data from Germany.

Gold prices fell nearly 10% on April 15th, leading to a surge in physical buying – particularly in Asia and in the United States.

This physical demand has remained hot as buyers see bargains in the new, reduced prices.

Gold dealerships in China, India, Singapore and elsewhere in Asia have had trouble keeping shelves of bullion bars and coins sufficiently stocked as people have queued up on the streets to buy.

US Mint gold coin sales increased eight fold year-over-year this April.

Concerns that Germany is headed for recession have heightened as the Ifo index, which gauges the German business climate, fell to a four-month low in March.