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- Precious, base metals, Crude Oil may trade negative on weak global sentiments
- Taking cues from decline in spot gold prices coupled with weak global market sentiments, Spot silver prices decreased by 0.53 percent today. However, favourable economic data from Germany along with weakness in DX cushioned sharp fall in the prices.
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NEW YORK (Commodity Online): There's a chance those waiting for a correction lower to buy into the gold market may only get limited dips, based on recent activity, said Union Bank of Switzerland (UBS) in a commodities research note
"Many are waiting for a deeper correction that would allow them to jump in at better levels," the bank added.
The Swiss bank continued that, "with spec positioning now elevated on a relative basis, the reluctance is understandable: gold spec positioning at 28.1moz is at the highest in over a year, and sits at 85% of the all-time high.”
“There are a couple issues with this strategy, though, and waiting for a better buying opportunity may be a futile game. What's been quite evident over the past week is that buyers are very eager to step in on dips such that any move lower has been short-lived,” said the Zurich based bank.
“There is a risk that no such better buying opportunity will present itself, as we saw after QE1 when gold simply proceeded to make higher highs and higher lows," UBS concluded.
Global gold prices ended the United States day session lower on Monday as risk aversion was the order of the day to start the new trading week.
December gold last traded down $13.70 at $1,764.40 an ounce on the Comex division of the New York Mercantile Exchange. Spot gold was last quoted down $10.70 an ounce at $1,762.75.
