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Commodities Briefing - Categorized | Bullion/Gold, Trends more

Commodities: Is gold rise just a dead cat bounce?

Posted on 28 August 2013

Gold has been rallying from its three-year low of just off $1,180 an ounce in June. On Friday, it closed at $1,378. What is driving this tentative recovery in the market for the “safe haven” metal? A key factor may be that the sell-off in exchange-traded funds backed by gold has passed its worst.
“Support has come from the financial market turmoil in emerging economies, geopolitical tension in Syria and Egypt, together with the fact that gold holdings in exchange-traded products has been stable for a couple of weeks,” says Ole Hansen, head of commodity strategy at Saxo Bank………………………………………..Full Article: Source


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