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Gold prices looking towards upside: expert
DUBAI, Sept. 22 (Xinhua) -- The rising of gold prices has halted near its six-month high last week, said Gerhard Schubert, head of precious metals at Dubai's largest bank Emirates NBD, in his weekly analysis on global commodities published Saturday.
"The gold market consolidated1 over the course of last week, with prices trading within relatively2 narrow boundaries," said Schubert. Gold prices closed Friday at 1,772.00 U.S. dollars per ounce, up by 2.00 dollars from last week. "The low trades were noted3 in the high 1,750's, while a high of 1,788 dollars was reached last Friday, before closing for the week nearly unchanged, " he added.
For the coming weeks, Schubert predicted the gold market will remain bullish. "The market, it seems, is still very much looking towards the upside but the amassing4 of long positions from long term holders5 and from short term speculative6 participants make us wary7 of a short term: It is a wash out," said Schubert.
Rising gold prices usually reflect fears of a global political instability as investors8 prefer to escape into gold as a safe haven9 in order to preserve their capital. Current instabilities are the risk of an escalation10 of the gold miners' strike in South Africa, a break-up of the 17-member states comprising Euro zone, the ongoing11 civil war in Syria and the threat of a war between Israel and Iran over Tehran's disputed nuclear program.
"It looks like everybody who has any reason wanting to be long is already long and the question is who or what will be the spark to initiate12 even more follow-on buying at this stage," added Schubert.
Since the outbreak of the global financial crisis in 2008, regarded as the trigger of the current Euro zone debt crisis, gold prices have soared by 142 percent.
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1 consolidated | |
a.联合的 | |
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2 relatively | |
adv.比较...地,相对地 | |
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3 noted | |
adj.著名的,知名的 | |
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4 amassing | |
v.积累,积聚( amass的现在分词 ) | |
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5 holders | |
支持物( holder的名词复数 ); 持有者; (支票等)持有人; 支托(或握持)…之物 | |
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6 speculative | |
adj.思索性的,暝想性的,推理的 | |
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7 wary | |
adj.谨慎的,机警的,小心的 | |
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8 investors | |
n.投资者,出资者( investor的名词复数 ) | |
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9 haven | |
n.安全的地方,避难所,庇护所 | |
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10 escalation | |
n.扩大,增加 | |
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11 ongoing | |
adj.进行中的,前进的 | |
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12 initiate | |
vt.开始,创始,发动;启蒙,使入门;引入 | |
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