Last Updated : 10 October 2012 at 22:35 IST
Recent Dollar strength pressuring Gold: Commerzbank
Source :Commodity Online
The eurozone debt crisis remains at the forefront of investor’s minds. Against this backdrop, the gold price remains well-supported.
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NEW YORK (Commodity Online): The stronger US dollar is putting pressure on gold’s price as the yellow metal has retreated from testing the $1,800 level, said Commerzbznk, the second largest German bank after Deutsche Bank.
Yet they do not believe gold will be subject to further losses based on continued demand for the metal, particularly from exchange-traded funds.
Over the past two days, ETF holdings rose 13 metric tons as investors buy up gold because of ultra-loose monetary policy of central banks, the German bank added.
“The eurozone debt crisis remains at the forefront of investor’s minds. Against this backdrop, the gold price remains well-supported,” Commerzbznk concluded.
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