monetary policy will remain “highly accommodative” for the foreseeable future. The remark lowered expectations that the Fed will begin to cut back on its $85 billion-per-month bond-buying program this year. “I think the Fed is being overly optimistic and won’t get around to tapering this year,” said Chuck Butler, president of EverBank World Markets. “If that’s the case, then I think gold will really start to rebound.” Butler said gold prices could climb back to $1,450 an ounce if the Fed delays tapering. But he cautioned that the market has been extremely volatile and that view publisher site further declines cannot be ruled out.
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Chinese Buying Providing Added Lift For Global Gold Market
The metal continued to tick higher while the Chinese were on holiday. And now that theyre back, the metal has extended its gains, with the Comex April contract hitting a peak overnight of $1,288.30 an ounce that was its strongest level since November. Golds strength may be attributed to the return of the Chinese after the New Year holidays, said an early-morning research note from TD Securities. UBS analyst Joni Teves described the physical demand in the country so far since the holiday as robust and surprisingly strong. While historical seasonal patterns imply a slowdown post the Chinese New Year, interest this week seems to suggest otherwise, she said. Volumes on the Shanghai Gold Exchange were very strong yesterday at 31 (metric) tons and this was corroborated by the demand we saw based on our own flows. Turnover on Tuesday was lower at 19 tons, she added, while the premium fell to $8 from $10 the last couple of business days.
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