Gold price held firm near $1,730 per ounce

The gold price held firm near $1,730 per ounce at closing after fourth quarter U.S. GDP growth came in at 2.8%, below the 3.0% consensus estimate among economists. The price of gold hovered in a tight range between $1,718 and $1,728 in overnight trading, while the U.S. dollar stabilized against many of the world’s leading currencies. Silver held near unchanged at $33.60 alongside the gold price, while U.S. equity markets opened modestly lower following the disappointing GDP report.

Ole Hansen, senior manager at Saxo Bank, commented that “The strong rally in gold changed what prior to the (Fed) announcement had been a test of gold’s resolve. The Fed statement changed all that, and from thinking that the gold rally potentially only had one year left to run, it could now continue for longer…The ‘off’ button on the printing press has well and truly been taped over.”

Barclays Capital analyst Suki Cooper offered a bullish take on the gold price as well, but urged a bit of caution in the near term. “Precious metals have taken off near term, breaking through several important resistance levels,” Cooper wrote in a note to clients. However, she contended that “We are wary of markets being overstretched though and look for gold and silver to correct ahead of prior highs.”

Over the longer-term, Cooper asserted that “Coupled with continued central bank appetite for gold, the broader macro backdrop remains conducive for gold price gains, given negative real interest rates, concerns over longer-term inflationary pressures and uncertainty surrounding the financial markets and economic outlook.”


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Malaysia Gold Investment

I found Gold Investment in Malaysia is a vary good tools to make profit when the market is down. I also found that Gold Price go up and down more slower compare to share market so to make money in long term, Gold is the right tools. This blog is all about Malaysia Gold Info and the way to make profi

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