Gold prices looking towards upside: expert
时间：2012-09-25 01:53:59
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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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