Gold News

Gold Buying 'appears to be favored at $950/oz'

Calyon metals analyst Robin Bhar claimed today (July 23rd) that Gold Prices appear to be finding support at the $950 per ounce level, Reuters reports.

The yellow metal has been dividing opinion of late, with some commentators expecting it to fall below $900 per ounce but others predicting it will retest the $1,000 per ounce level.

Now Mr. Bhar, from the corporate and investment banking arm of Credit Agricole, the largest retail banking group in France, has explained that Gold Buying appears to be resilient at present.

He told the news provider: "Prices remain well supported above the $950 an ounce mark, largely on the back of the weaker dollar.

"It may be that outflows from things like the ETFs or the retail base are being offset by more buying of OTC or futures-based [products]."

Meanwhile, David Moore, an analyst at Commonwealth Bank of Australia - the second-largest bank in the country by market capitalization - has also expressed his confidence in the future of gold prices.

He noted in an interview with Reuters last week that the metal could surpass the psychological $1,000 per ounce barrier at some point in the next 12 months.

"A spike to around the $1,000/oz level is certainly plausible in the next year, most likely associated with a period of US dollar weakness," he told the news provider.

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