Last Updated : 16 November 2012 at 12:35 IST
Gold: Buying likely on pullbacks to $1,700/Oz and below
Source :Commodity Online
The expectations for more emerging-market central-bank demand for the yellow metal, including China.
By Col. Ajay
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NEW YORK (Commodity Online): Ironbeam precious-metals analyst Sean Lusk looks for buying to emerge in gold on any retreats to the $1,700 area down to the low for the month.
The expectations for more emerging-market central-bank demand for the yellow metal, including China, he added.
Meanwhile, there is potential for gridlock in Washington over the so-called U.S. "fiscal cliff" issue.
With this backdrop, "I think that gold will be one of the choices of investment for investors going forward. If we see a dip in gold down to the $1,700 level or if the price dips to challenge the monthly low at $1,673, I think it will represent a buying opportunity for investors as we head into 2013," Lusk concluded.
Global gold prices ended the United States day session solidly lower on Thursday, but up from the sharper losses seen earlier in the day. The precious metals saw selling due to a firmer U.S. dollar index and lower crude oil prices.
December gold last traded down $16.40 at $1,713.80 an ounce on the Comex division of the New York Mercantile Exchange. Spot gold was last quoted down $13.50 at $1,714.75.
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