Gold bar demand to rise by 49%
Published on February 05, 2009 13:39:50 IST
Gold retraced back the losses of last two session’s declines and stood above $900 per ounce in late US trading. The investment demand is driving the current rally in the precious metal form the last few of sessions and is expected to give some support further. Demand of Gold coins has increased from last two weeks in Europe. GFMS, the London based research firm, expects that demand for Gold bars will rise by 49 percent to 201 tonnes in the first half of 2009. Though the market is rallying amidst confused global financial markets, deflationary situation, building up around the globe, will put some pressure in the coming days
Today’s Outlook Gold looks sideways for the session. Immediate resistance is seen at $913 levels and breach of the same prices is likely to see some positive momentum. In case of failure to breach the same may see sideway to lower session of trade. Crude oil also looks range bound and selling is recommended only below $39.80 levels. Resistance is seen at $42.30 and $43.50 levels.
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