Last Updated : 03 October 2012 at 10:35 IST
‘Medium to long term outlook for Gold remains bullish’
Source :Commodity Online
Gold’s fundamentals remain constructive, citing central-bank buying and investor interest as a defense against depreciating currencies. These factors offset the recent declines in buying from India and China, the two largest gold markets.
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- Base metals, Oil may trade higher on US data; Gold, Silver to be negative
- Spot gold prices declined around 0.5 percent today on the back of upbeat global markets which led to fall in safe haven appeal for the commodity. Further, strength in the US Dollar Index (DX) added downside pressure on prices.
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NEW YORK (Commodity Online): Medium to long term outlook for Gold remains Bullish, said Adrian Day, the president of Adrian Day Asset Management, although he would not be surprised by a short-term correction after a rally in the third quarter.
“August and September are traditionally strong months for gold, while there is usually a pullback in October, before resumption in November picking up at the end of the year,” said the Fund manager.
“So such a price retreat in the immediate term will not cause too much concern, though we are taking some gains in the gold stocks before this correction. We fully expect new highs by early next year, if not this,” Adrian added.
Gold’s fundamentals remain constructive, citing central-bank buying and investor interest as a defense against depreciating currencies. These factors offset the recent declines in buying from India and China, the two largest gold markets.
“Purchases of physical gold ETFs continue to increase, clear evidence of the net buying. At the same time, the supply of gold is not increasing much,” he continued.
Further, he noted that Japanese pension funds have begun buying gold, as others around the world may as well.
Global gold prices ended the United States day session modestly lower on Tuesday, on some profit-taking pressure and chart consolidation following Monday’s gains that saw prices hit a seven-month high.
December gold last traded down $6.50 at $1,776.80 an ounce on the Comex division of the New York Mercantile Exchange. Spot gold was last quoted down $0.80 an ounce at $1,775.25. December Comex silver last traded down $0.282 at $34.67 an ounce.
