Gold News

Gold 'in a good position'

Gold is currently "well-positioned" after recent actions on the part of the world's central banks to boost global markets, according to experts.

Citigroup metals analysts John Hill, Graham Wark and Paul Cheng recently said that the Federal Reserve and central banks' moves to help credit markets "thaw" may be good news for metals should deflation or recession caused by debt be kept at bay as a result.

The three experts added that should the US move into recession, it is likely that gold, among other metals, will stay steady, Mineweb reports.

"Gold is oscillating around $800 per ounce as speculators have locked in profits. We view the outlook favorable for a test of $1,000," they stated.

Earlier this month, the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve and the Swiss National Bank announced that they would each inject extra cash into global markets in activity taking place during December and January.

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