2011-02-01

Gold shrugged off data showing an acceleration in US economic growth

Gold shrugged off data showing an acceleration in US economic growth, as investors remained assured that the Fed’s monetary stimulus plans would not be altered. Perhaps the lower-than-expected rise in the GDP price index (0.3% q/q; consensus: 1.6% q/q) reduced worries that rising inflation might force the Fed to curtail stimulus plans.

After relatively little activity last week, physical buying has begun to gain momentum supported by comparatively low prices. Investor demand is also picking up as political tensions in Egypt prompt renewed safe-haven interest. News that AngloGold has had to shut down one of its mines after a seismic event could also be lending support to gold.

Gold support is at $1,312 and $1,291. Resistance is at $1,352 and $1,369.

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