Tuesday, June 30, 2009

Gold to Hold Steady: Analyst

In the short-term, gold will stay in the $925-960 range, where it has been holding steady for the past few months, according to Philip Newman of GFMS. “The key factor really is where we see investment demand in the gold market?” he told CNBC Tuesday.
Today Gold for immediate delivery climbed 0.4 percent to $941.42 an ounce at 9:40 a.m. in Singapore. The metal is up 6.7 percent this year as longer-term inflationary expectations boosted demand for a hedge against accelerating consumer prices. Gold futures for August delivery were little changed at $941.30 an ounce on the New York Mercantile Exchange’s Comex division, up 1.8 percent this quarter.

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