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Gold likely to test $950 level this week

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M.R. Subramani
The Hundu
Monday, May 18, 2009

Gold regained some shine last week, particularly during the weekend when a rise in US core inflation boosted its fortunes. The yellow metal is seen as a good hedge against inflation and not surprisingly, it finished the week on a strong wicket.

Gold for June delivery ended at $931.30 and spot gold closed at $930.70 an ounce. Open interest during the weekend was 3,62,725, nearly half of the position during the same period a year ago.

Long speculators hold 51 per cent of the non-commercial positions, while hedgers hold 71 per cent majority of the commercial positions.


Bullish outlook

Mr Jerffrey Nichols, Managing Director of American Precious Metals Advisors, says the bullish outlook for gold rests on the increasing likelihood of accelerating US inflation in the years to come and an associated unprecedented rise in investor demand for the yellow metal.

  • A d v e r t i s e m e n t

There were two other events last week that are seen fundamentally pushing gold higher, though a wider economic picture seems to have put that in the background.

One was the fact that China has increased its gold reserves 75 per cent to 1,054 tonnes. It is likely to increase it further, a bullish factor.

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This article was posted: Monday, May 18, 2009 at 3:28 am

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