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Gold to be Supported by Investment, Central Bank and Chinese New Year Demand

Commodities / Gold & Silver 2009 Dec 08, 2009 - 04:57 AM

Gold recovered some of yesterday's pullback and went as high as $1,164 overnight. Gold is currently trading at $1,162/oz and in euro and GBP terms, gold is trading at €783/oz and £710/oz respectively.

The short term trend remains down and this should continue until we get a few higher daily closes or another higher weekly close. However, there is much investment and central bank demand waiting in the wings to buy on any dips. Bernanke's warning regarding the fragile nature of the economic recovery will encourage those investors continuing to diversify into gold bullion for safe haven reasons.

December and the early New Year are traditionally a seasonally strong time for gold and the increasing importance of Chinese New Year to world gold demand could see gold rebound faster than many expect. Chinese jewellery and investment demand has surged in recent months and is likely to remain robust for the foreseeable future.

Silver
Silver reached the $18.30 range overnight. Silver is currently trading at $18.24/oz, €12.29/oz and £11.16/oz.

Platinum Group Metals
Platinum is trading at $1,452/oz and palladium is currently trading at $379/oz. While rhodium is at $2,300/oz.

This update can be found on the GoldCore blog here.

The Bullion Services Team

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