Spot gold prices fell to under $1,800 per ounce for the first time in a week this afternoon, flashing a neon ‘BUY’ sign at bargain-hunters who might have been waiting for this opportunity ever since gold fell to $1793.80/oz a day after making fresh lifetime highs of over $1,920 an ounce last Tuesday.
Spot gold prices briefly dipped to $1,798.60 per ounce at around 12.10pm UAE time, almost instantaneously witnessing a fresh wave of buying, pushing prices safely back to around $1,816 per ounce within 45 minutes of the dip. However, prices continue to be range-bound and spot gold was trading at $1,806 per ounce at 1.45pm UAE time.
Earlier, gold prices made an intra-day high of about $1,836 per ounce as punters saw opportunity after yesterday’s slump that saw prices fall about $50/oz, or 2.6 per cent, to close at about $1,810/oz level.
In line with market expectations, Canada’s TD Securities, upgraded its short and medium-term gold forecasts, citing prices “expected to hit highs of well above $2,000/oz in the coming months on lower bond yields, expectations of poor risky assets returns and general risk aversion owing to uncertain global economic conditions.”
The recent relative strength of the US dollar has been acting as an anchor for gold prices, which are up about 30 per cent year-to-date on concerns that the global economy is heading towards a double-dip recession. Bart Melek of TD Securities cautioned in his report that gold prices could easily slip to $1,750/oz in the coming weeks if global uncertainty continues to grow.
TD Securities yesterday upgraded the gold forecast to $1,975/oz in 2012 and $1,750/oz in 2013, compared to its previous forecast of $1,850/oz in 2012 and $1,650/oz in 2013.
Source; http://www.emirates247.com/
Spot gold prices briefly dipped to $1,798.60 per ounce at around 12.10pm UAE time, almost instantaneously witnessing a fresh wave of buying, pushing prices safely back to around $1,816 per ounce within 45 minutes of the dip. However, prices continue to be range-bound and spot gold was trading at $1,806 per ounce at 1.45pm UAE time.
Earlier, gold prices made an intra-day high of about $1,836 per ounce as punters saw opportunity after yesterday’s slump that saw prices fall about $50/oz, or 2.6 per cent, to close at about $1,810/oz level.
In line with market expectations, Canada’s TD Securities, upgraded its short and medium-term gold forecasts, citing prices “expected to hit highs of well above $2,000/oz in the coming months on lower bond yields, expectations of poor risky assets returns and general risk aversion owing to uncertain global economic conditions.”
The recent relative strength of the US dollar has been acting as an anchor for gold prices, which are up about 30 per cent year-to-date on concerns that the global economy is heading towards a double-dip recession. Bart Melek of TD Securities cautioned in his report that gold prices could easily slip to $1,750/oz in the coming weeks if global uncertainty continues to grow.
TD Securities yesterday upgraded the gold forecast to $1,975/oz in 2012 and $1,750/oz in 2013, compared to its previous forecast of $1,850/oz in 2012 and $1,650/oz in 2013.
Source; http://www.emirates247.com/
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