Author: joelsingh7071

The price of an ounce of gold hit $1260 on Friday which is a two week high, with some analysts eyeing that the metal could go higher in the next week as a majority of participants in the weekly Kitco News Gold Survey forecast higher bullion prices.

Latest Gold Price

Forex Gold Index (pm fix) $/oz closed Friday at $1259.25 an ounce whilst the US dollar traded marginally lower against a basket of other currencies.

Kitco News Gold Survey

In the latest Kitco News Gold Survey, out of 33 participants, 23 responded this week. Sixteen see prices up, while four see prices down and three see prices trading sideways or are neutral. Participants who see higher values said gold prices continue to hold in a series of lower lows, which bodes well for the yellow metal.

“The market is climbing up a trend line and the 20-day moving average, and does look like it wants to trade higher. When it trades through $1280, there should be a quick move to $1300 plus, maybe $1,313 or even $1,335. The dollar remains as the most important influence for gold, but the correlation to equities seems to be lessening somewhat. Gold will close well above last week’s close of $1,239 and I expect it (will) be higher next week,” according to Frank Lesh, broker and futures analyst with FuturePath Trading.

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Gold price ends week at $1260 with some bullish on the metal to go higher

Sentiment slumped as US ISM manufacturing data disappointed, sending Wall Street lower. Besides the ISM data, PMIs in China and UK also pointed to a softer note. Crude oil prices also plunged with the front-month WTI contract falling to a 4-day low of 96.26 before settling at 96.43, down -1.08%, while the Brent crude contract tumbled to a 2-month low of 105.4 before ending the day at 106.04, down -0.34%.

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Sentiment Tumbled as US ISM Slumped

The Chinese government reported during the weekend that headline inflation rose to an 8-month high of +3.2% in October as driven by surge in food costs. Food prices accelerated to +6.5% y/y in October, up from September’s 6.1%, while non-food CPI climbed +1.6% y/y. The reading, while higher than September’s +3.1%, remained below the official target of +3.5% for this year.

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Chinese CPI and IP Improved in October ahead of Conclusion of Third Plenum

Gold prices remained under pressure, fluctuating between a range of 1250 and 1300 in recent weeks. Yet, god price in India has soared to a record premium of US$ 100/oz over the London price due to insufficient supply to meet the festive season. According to the World Gold Council, the country’s gold demand should increase by as much as 15% this quarter 300 tons amid a good monsoon.

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Indian Gold Soared to Record Premium above London Price