Physical demand of gold in Asia remains steady, UBS precious metals analyst Joni Teves, writes in a note on Tuesday.
"However, most of local market participants we spoke with in China were of the impression that so long as gold prices are deemed attractive, physical demand will be strong," the note said. "Although this is unlikely to provide enough firepower for a sustainable rally, it does hold the promise of a sturdy price floor."
Among volume leaders, Barrick Gold (ABX) was down 2%.Gold ETF SPDR Gold Trust (GLD) was slipping 0.48% to $127.85 a share, while iShares Gold Trust (IAU) was decreasing 0.54% to $12.85. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
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