Gold Higher In Asia; Analysts Remain Bearish

Gold Higher In Asia; Analysts Remain Bearish

Gold edges up in Asia with some analysts expecting prices to have some headroom to move higher on expectations of the U.S. Federal Reserve continuing its commodity-supportive stimulus program. “Should prices break through $1,300 in the next two days, the potential upside may be as high as $1,386/oz,” Phillip Futures says in a report. However, it remains bearish in the mid-term, with prices likely to break below $1,200 again when stimulus tapering is back on the table. While there is a pickup in physical demand in Asia, investors still remain sceptical about the prospects of the metal with gold holdings in exchange-traded products showing a decline. Barclays, which also has a bearish view on gold, says net outflows from gold ETPs are around 36 tons for July so far and 621 tons for the year-to-date. Spot gold is at $1,287.80/oz, up $3, silver is unchanged at $19.92/oz, platinum is at $1,411.500/oz, up $5.50 and palladium is at $723.50/oz, up $3.50 from its previous close.

For full article:

News Categories

Recent News