When the Asian markets opened on the 29th September the gold price was hovering around 1218 USD/oz. Having fallen fairly consistently since the beginning of September, the last few days have seen the gold price somewhat stabilising, undulating just below the 1220 USD/oz mark. Over the weekend data concerning Chinese industry profits emerged, unexpectedly showing a fall from a previous position of relative strength, raising concerns that Chinese economic growth is gradually slowing. This week is going to be busy, with focus on the USA’s industrial employment report; the European Central Bank’s interest rate resolution; the UK’s second quarter GDP figures; and the final September PMI figures for China’s manufacturing industry.
As far as precious metal coins go, the recently released (19th September) Agricultural Development Bank of China 20th Anniversary 1 oz silver Panda coin is currently failing to grab much market attention. These coins are selling for about 390-400 yuan in the Mainland coin markets, and only a smattering of collectors are buying online – and in no great quantities.
The Year of the Ram silver bars continue to sell for around 6.8 yuan/g. In general, the silver bars of the Lunar series have – with the exception of a very few specifications – not done so well over recent years, forcing many dealers to make a loss by dropping their prices just to shift their stock.
The China Construction Bank 60th Anniversary ¼ oz gold coin is in demand at 4150-4300 yuan, opening prices for the 1 oz gold coin stand in the region of 13400-13700 yuan, and the 1 oz silver coins have a market value of around 460 yuan.