Gold prices bounces from 1-month low, US budget talks drag


"This is likely to give some support to gold."

News that South Korea's central bank had purchased 14 tonnes of gold in November using its foreign reserves in order to spread its portfolio risks was largely ignored."We continue to see a risk of further sharp moves in gold after the dead cat bounce yesterday," the ANZ said in a report.

"We are biased towards a near-term technical decline targeting $1,670 but remain constructive on medium term fundamentals."

The euro hovered at seven-week highs against the dollar on Wednesday, while oil was mostly steady. Concerns about the health of the U.S. economy kept investors on the edge.

Please read our terms of use before posting comments
TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).
comments powered by Disqus