Gold's magic seen fading after biggest advance since 1980
China's New Year holidays will affect consumption and there is no other catalyst for a surge, says an analyst
London
THE world's best-performing commodity this year may be about to lose its monkey magic.
Gold, after posting its biggest rally to start a year since 1980, will drop this month as Chinese consumers slow purchases that surged before the start of the Chinese New Year, according to eight of 12 analysts surveyed by Bloomberg. Prices that touched a seven-month high of US$1,200.97 an ounce on Monday may drop to US$1,100, based on average estimates from seven analysts providing forecasts.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Glencore now sees FY trading division profit between US$3 billion-US$3.5 billion
Hong Kong team plants seeds to safeguard legacy grains
Gold holds steady as investors focus on US Fed meeting
Chevron CEO expects ExxonMobil arbitration resolved in coming months
Oil falls more than US$1/barrel on Middle East peace talks, US rate cut doubts
Diamond giant De Beers is in the shop window, but the potential buyers are few