2011-12-11

Survey of Gold Traders Most Bullish Since Early November

A weekly survey of gold traders showed that market participants have turned noticeably more positive on the Gold of late.

In Bloomberg's latest weekly gold survey, 18 of 26 respondents said they expect gold prices to rise next week. This marked the highest bullish response since November 11. Two traders predicted the yellow metal will decline, while the remaining 6 were neutral.

The report attributed to the positive outlook on gold to escalating sovereign debt concerns in Europe, coupled with several other macroeconomic factors. ”Central banks are adding to their gold reserves for the first time in a generation. South Korea said last week it bought 15 tons in November to diversify its foreign-exchange reserves. The World Gold Council expects central banks to buy as much as 450 tons this year. Official holdings stand at 30,708 tons, data from the council show.”

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