At the opening of the Asian markets on the 4th August, the gold price saw narrow fluctuations around the 1293 USD/oz mark, recording a third consecutive fall in the last seven days. There is little to report in the last day or so, with the Asian markets focusing on data from the Australian retail sector, the newly-announced UK building sector PMI, the US employment rate, the Eurozone PPI, and the investor confidence index. This week attention is centred around the resolutions of the European Central Bank.
As far as new coins go, online enthusiasm is growing for the imminent release (8th August) of the Bronze Age Implements Series Three gold and silver coin sets, but dealers are cautious. Small numbers of speculative deals have been agreed, but they are few and far between.
The 60th Anniversary of the China Construction Bank commemorative Panda coins, issued on 31st July, have not yet seen much demand, with no deals to speak of. Investor interest is somewhat slack at this time.
On Monday, prices for the Xinjiang Production and Construction Corps 60th Anniversary coins, after a weekend of poor sales, continued to slide, reaching a new low. Even though the gold and silver coin sets are now valued around 4130-4200 yuan, the 1 oz silver coin only fell a little in value, with some sales activity around 630-660 yuan. The 5 oz silver coins have fallen, and are selling for about 5000 yuan. Some sellers with coins bearing the number four have pitched their asking price a little lower than this, while coins without fours or with sevens are selling in the region of 5200-5250 yuan.
Prices for the UNESCO West Lake series remain stable, with the gold and silver sets holding their value around 3950-4050 yuan. While the ½ oz coloured silver sets are selling in the region of 920-980 yuan, the 1 kg silver coins have fallen below the 12000 yuan mark, with deals today being reached between 11500-12000 yuan. The gold coins are faring better. The 5 oz gold coin is holding steady at 69000-70200 yuan, and the 1 kg gold coin has picked up, with values between 400000-405000 yuan.