Last Updated : 15 November 2012 at 10:35 IST
Gold: The recent $1,600 floor may well reset higher in 2013
Source :Commodity Online/TD Securities
The retail investors can't seem to get enough either with ETFs continuing to swell apace - it seems like the recent $1,600 ‘floor’ might well reset higher in 2013
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NEW YORK (Commodity Online): The United States “fiscal cliff” continues to draw attention and gold could benefit from fresh investor demand, said Steve Scacalossi, vice president and director, global precious metals at TD Securities.
The fiscal cliff is a combination of higher taxes and reduced spending that will go into effect in January if Congress does not act.
“An overall reduction in length by short-term system funds, the long-term availability of ‘cheap’ money looking set to continue, the official sector continuing to add gold to their reserves and the arrival of fresh investment funds in January looking for a home all seem to point positive in gold,” he continued.
“All the while, the retail investors can't seem to get enough either with ETFs continuing to swell apace - it seems like the recent $1,600 ‘floor’ might well reset higher in 2013,” Scacalossi concluded.
Global gold prices ended the United States day session firmer on Wednesday mainly due to some mild bargain hunting and higher crude oil prices.
December gold last traded up $3.00 at $1,727.80 an ounce on the Comex division of the New York Mercantile Exchange. Spot gold was last quoted up $3.10 at $1,728.50.
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