Gold News

Jewelry buying 'encouraging for gold futures'

Demand for gold has climbed again, despite a slight dip in the price for gold bullion.

According to Bloomberg, demand was particularly high in the jewelry sector in Singapore, prompting speculation that even future falls in prices would not harm the market for the precious metal.

Indeed, gold futures for June delivery on the COMEX division of the New York Mercantile Exchange added $3.8 an ounce to $925.3 an ounce yesterday (March 31st), reports finance.cz.

One analyst, Stephen Briggs at Societe Generale, said that he believes the market for gold bullion will stay strong.

"The fact that these buyers came back when the price was still falling is, in principle, encouraging for gold bulls as it signifies the consumers are, if reluctantly, accepting higher prices," he said, according to Bloomberg.

This prediction follows a report from last month, in which an analyst forecasted that gold prices could reach $2,000 within a year.

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