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Gold outlook for next week: Flat with a slight positive bias

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Published: Saturday, October 13, 2012, 12:20 [IST]
 
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Gold is likely to stay steady, with a slightly positive outlook for the next week, after a small decline this week.

Gold outlook for next week: Flat with a slight positive bias

Marketmen believe that gold has very little triggers going forward, however, should sentiments turn negative for equities it might prompt investors to seek shelter in gold. Equities could turn negative on global economic woes, poor quarterly results, problems in Greece, delay in Spain seeking a bailout, impasse over the US fiscal cliff etc.

However, strength in the dollar due to eurozone worries could weigh on the yellow metal.

As per a Kitco News Gold Survey, of the 21 participants, 10 see prices going up, while nine see prices down, and two are neutral. Gold prices could continue to hold just under $1,800 an ounce. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.

On Friday, spot gold fell as improved US consumer and jobs data evoked concern on the monetary easing by Federal Reserve.

Domestically, gold demand is expected to pick up due to up coming upcoming Dussehra, Diwali festivals, as Indians consider buying gold on these auspicious occasions.

GoodReturns.in

Topics: gold, silver
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