Gold: Demand remains strong in the physical market – ANZ

A stronger USD weighed on gold futures, despite demand remaining strong in the physical market, strategists at ANZ Bank apprise.

Key quotes

“Sentiment wasn’t helped by news that Russia’s central bank, one of the biggest buyers of gold, would stop purchasing the precious metal on Wednesday.” 

“Dislocations in the physical market also suggests they may be ready to help alleviate the tightness.”