H! Friends,
World Gold Demand Seen Lower On Higher Prices
World Gold Demand Seen Lower On High Prices World gold demand in the first three months of 2008 is likely to fall below last year’s first quarter figure of 825.7 tons, a senior World Gold Council official said. “High and volatile prices of gold have affected demand during the first three months of the current year, with major
declines seen in the U.S. and to some extent in the Middle East,” said James Burton, the council’s chief executive. Despite expectations of a fall in demand in the first quarter, Burton said he was confident that consumers would return to the
physical market soon.
“As we have seen in the last few years, whenever prices have risen, the consumers have adjusted to the prices and have ultimately returned to the market.We are confident that this time also they will come back,” he said.
However, prices of gold will continue to be strong in the coming months, as supply will continue to be an issue, Burton said.
Gold Technical Outlook:
Gold Stucked in A Range of $960-$990; Traders Can Buy Gold Between $965-$960 With STP Below $958 With Projection of $975-$985. In Higher Sides Traders Can Build Fresh Shorts Between $985-$990 With STP Above $993 With Projection of $975-$965. Do Trading Till Gold is Trading Between This Range When It Trades Above $995 Than It May Touch $1025-$1045 & If Market Goes Below $956 Than Market Can Fall Upto $920-$870.
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Bharat
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