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Are gold prices close to a top? Heraeus weighs in

Gold Investment Experts by Gold Investment Experts
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Strong holiday shopping, improved investor sentiment to weigh on gold prices – IHS Markit
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Are gold prices close to a top? Heraeus weighs in 1

(Kitco News) – Gold has room to maneuver increased within the near-term however it may be near a prime, in keeping with analysts at a Germany treasured metals firm.

In a report revealed Monday, analysts at Heraeus stated that some market information exhibits that speculative curiosity in gold seems to be overextended.

“The final time gold futures open curiosity and the speculative internet lengthy place reached document highs the gold value fell 18% over the subsequent 5 months,” the analysts stated. “Tendencies can persist for a while with costs and the speculative internet lengthy place nonetheless rising, however such excessive open curiosity and vital dedication by merchants to being lengthy gold is a signal that bullishness has reached an excessive and a prime within the gold value is close to.”

The analysts additionally warned that shifting investor sentiment may take its toll on gold within the near-term. The analysts famous that there’s little urgency within the gold market.

“A extra time-consuming correction is feasible earlier than gold makes an attempt to succeed in new highs,” they stated.

Though the German agency is highlighting rising dangers in {the marketplace}, the analysts nonetheless see some potential within the near-term. The greatest issue that would proceed to drive gold increased is additional financial uncertainty.

“If financial development stays weak then additional financial coverage easing is probably going and bond yields may fall additional. This is able to take actual rates of interest into adverse territory which might be constructive for gold” the analysts stated.

The feedback come because the Worldwide Financial Fund (IMF) downgraded its development forecasts for 2020. The IMF stated that it sees international development rising 3.3% this 12 months, in comparison with 2.9% it forecasted in 2019, the lowest tempo of development in a decade.

The gold market is seeing muted motion Monday as the U.S. is closed for Martin Luther King Jr. Day. In the course of the comparatively quiet session, gold costs are holding above preliminary important assist. February gold futures final traded at $1,559.70 an oz., comparatively unchanged on the day.


Disclaimer: The views expressed on this article are these of the creator and should not replicate these of Kitco Metals Inc. The creator has made each effort to make sure accuracy of knowledge supplied; nonetheless, neither Kitco Metals Inc. nor the creator can assure such accuracy. This text is strictly for informational functions solely. It’s not a solicitation to make any change in commodities, securities or different monetary devices. Kitco Metals Inc. and the creator of this text don’t settle for culpability for losses and/ or damages arising from using this publication.

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