| Gold prices in the global market are likely to remain under pressure and rule below $1,200 an ounce next year, a global convention was told. “We expect gold prices to remain low next year too. Once gold slips below $1,200, it could head towards $1,175. The positive thing about the fall is that physical buying could emerge once prices drop to $1,200 levels,” said Cameron Alexander, Manager, Precious Metals, Thomson Reuters GFMS, at a price outlook session at the 11th India International Gold Convention – 2014.
However, prices could look up later this year and could even rise to $1,300 levels. This will be because there could be some buying in China and India, particularly during festival and marriage season. “I think the Chinese government will encourage its people to buy gold but it could ensure that prices are under control,” he said. The outlook for gold is not bright next year because a surplus is seen in the yellow metal...............................................Full Article: Source
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