Komfie Manalo, Opalesque Asia:
Hedge funds and speculators got their timing wrong as gold prices edged up to $1,311.10 on Wednesday. Although posting a mere 0.18% gain, gold prices remained on an upward trend, after prices dipped into a seven-week low of $1,277.29 earlier this month, according to Business Recorder and Silver Seek data.
The mistiming was the second in three weeks, noted Megan Durisin of Bloomberg, who also said that "disappointing" figures have pushed gold prices up since mid-March even after investors cashed in on bullion holdings for the second week straight.
According to Durisin, investors expected gold prices to soften after the rebound as U.S. equities increased in value, prompting investors to sell bullion and bring prices down to seven-week lows on Tuesday.
"As U.S. equities surged to a record, bullion slid to a seven-week low on April 1 as fewer traders saw the appeal of the haven asset. Three days later, the payrolls data drove shares lower and bullion prices 1.5 percent higher to $1,303.50 an ounce, the biggest gain since March 12."
New York-based Platinum Partners’ presi......................
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