Latest News:  


Chances for rebound of gold price diminish


09:08, June 09, 2013

DUBAI, June 8 (Xinhua) -- After the price of the yellow metal failed several times to crack the resistance level at 1,400 U.S. dollars per ounce, upwards momentum decreased further as physical demand has slowed down, said an expert on gold.

After short rise to 1,414 dollars per ounce on Thursday, Gold closed Friday down at 1,385 dollars per ounce.

"It has been disappointing to see that gold, again and again, could not hold to gains and prices above 1,400 dollars," said Gerhard Schubert, head of precious metals at bank Emirates NBD in Dubai, in his weekly commentary released on Saturday.

Schubert said he does not expect the U.S. federal to reduce quantitative easing too soon in 2013, a move which would indicate growing inflation rates which usually give gold prices a boost.

Gold is considered a safe harbor asset during times of money devaluation, recessions, crises and wars.

Regarding eventual support from China and India, Schubert noted that the turnover figures on the Shanghai exchange have also retreated from their highs "and modest physical off-take is reported from Chinese market participants."

In addition, the expert mentioned the Indian government's measures to curb gold imports as an additional brake to a upwards momentum.

Schubert said overall it is difficult to see where the next spark should come from, which would make gold rally above and sustain the 1,400-dollar level.

We Recommend:

Ladies in finance industries

Fortune Global Forum to be held in Chengdu

Top 10 most competitive airlines in the world

General view of Hefei Xinqiao Int’l Airport

China FAW launches high-end car model H7

Top 10 most competitive cities in China in 2013

Boeing delivers China’s first 787 Dreamliner

Intelligent & beautiful Asian business women

Eye-catching models highlight house fair

Email|Print|Comments(Editor:ChenLidan、Gao Yinan)

Leave your comment0 comments

  1. Name


Selections for you

  1. Bayi Aerobatics Team in training

  2. PLA Air Force in confrontation training

  3. Supporters of Iranian presidential candidate

  4. China's weekly story (2013.6.1-6.7)

  5. Youths highlight hot party

  6. People mourn victims of bus fire in Xiamen

  7. Paintings about the Dragon Boat Festival

  8. The history and future of Shuyuan

  9. China's first Boeing 787 makes debut flight

  10. Chongqing Int'l Auto Industry Fair kicks off

Most Popular


  1. Japan - trying to rewrite history?
  2. Private sector essential to China's economic health
  3. Fines for unmarried mothers draw criticism
  4. Less Gaokao participants, more seek int'l study
  5. China-US summit to set sunny tone for times ahead
  6. Most US citizens positive on China
  7. Job-hunting college grads need 'soft power'
  8. China strengthens cultural heritage protection
  9. GE CEO optimistic about China's capability
  10. China to become most promising market

What’s happening in China

Youths highlight hot party

  1. China's first worldwide cruise to debut
  2. Rainstorm alerts for China's north, southwest
  3. Water pollution challenges China's green push
  4. Man given death penalty over E China fire
  5. 10,000 evacuated in continuing downpour