Gold exports from Australia grew in July – September 12

Today the Australian trade of Balance report was published regarding the changes
in the balance of goods and services during July 2011. According to the recent
report, the seasonally adjusted surplus in balance of goods and services
slightly inclined by $9 million from a surplus of $1,817 million June 2011 to
$1,826 million in July 2011. The exports (seasonally adjusted) of goods and
services slightly fell from $26,326 million in June to $26,102 million in July
– a $224 million drop; The imports (seasonally adjusted) of goods and services
slightly declined as well from $24,508 million in June to $24,276 million in
July– a $272 million decrease. In regards to the changes in non-monetary gold:
there was an increase in exports of non-monetary gold by $596 million (82%);
while imports of non-monetary gold also grew by $153 million (39%). These
findings suggest that the demand for gold grew during July so that part of the
growth in gold price during that month was also due to a fundamental growth.
Despite the news of the growth in surplus of Australias trade balance, the AUD
is sharply traded down mainly as the USD is traded up against major currencies.
Gold price is