Asia Market: Another Day, Another Record High

The Malaysian ringgit should embellish the combination of lower US yields and more stable oil prices. Crude is starting to find some comfort at the upper end of this week's range.

Gold Markets

Gold continues to be bought by stronger hands triggered by the weaker US dollar and falling US bond yields after a sturdy inflation print combined to enhance gold’s appeal.

In March, India announced that they imported 98 tonnes of gold, which puts the annual total at nearly 190 tonnes, roughly in line with YTD ETF liquidations of 200 tonnes. Even though gold spot prices have been stuck on either side of $1,725 for approximately a month now, investors can take solace in the fact that liquidations are finding their way into India's physical market, which is a very "sticky" market.

Also, looking at China's customs data and imports through HK and direct implications via Switzerland, an additional 19 tonnes of demand were observed there through the first two months of the year. I think that trend continues throughout March and suggest gold is flowing into stronger hands. On top of that, some Eastern European Central Banks continue to top up gold reserves.

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