Gold Prices Expected To Rise Again Next Week – Survey Participants
Friday November 04, 2011 12:15 PM
Higher prices are expected by participants in Kitco News’ Gold Survey for next week, with a solid majority expecting higher prices for the yellow metal for the second week in a row.
In the Kitco News Gold Survey, out of 34 participants, 24 responded this week. Of those 24 participants, 21 see prices up, while three see prices down and none see prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical chart analysts.
After the European Central Bank’s surprise move to cut interest rates this week and a dovish U.S. Federal Reserve, several survey participants cited the continuously low interest-rate environment for gold as positive. Ultra-low interest rates mean no opportunity cost to hold gold versus other investments that may pay yields.
Also, momentum is higher, which gives those bullish on gold another reason to buy.
Those who see gold testing the downside said the market might be hitting some resistance at these levels, especially after the run-up in prices. “Gold is likely to be sold alongside risk assets next week as some profit taking comes in. Silver has also not been confirming gold’s advance,” said Spencer Patton, president of Steel Vine Investments. – Kitco
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