Last Updated : 12 October 2012 at 17:05 IST
'Gold action could be erratic short term’
Source :Commodity Online
The Asian nation is “in some ways, is the last ‘hold-out’ and one that could provide the gold market another lift in the event that authorities signal more monetary relaxation.
By Col. Ajay
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NEW YORK (Commodity Online): Now that the headlines about central bank easing are fading, the markets are drifting and that could mean generally softer prices, according to INTL FCStone.
“The decline may be erratic and somewhat uneven in gold, as the complex will be more susceptible to easing policies and less vulnerable to slowing growth concerns compared to others in the group,” said Ed Meir, commodities consultant at INTL FCStone
Meir noted that easing policies have come from both Europe and the U.S., but not yet from China.
The Asian nation is “in some ways, is the last ‘hold-out’ and one that could provide the gold market another lift in the event that authorities signal more monetary relaxation,” he concluded.
Global gold prices ended the US day session modestly higher on Thursday as the U.S. dollar index was weaker and crude oil prices were higher.
December gold last traded up $4.50 at $1,769.60 an ounce on the Comex division of the New York Mercantile Exchange. Spot gold was last quoted up $5.50 at $1,768.75.
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