2012-07-03

Gold will remain a risk-on asset for the foreseeable future

The gold price turned modestly lower on Monday amid strength in the U.S. dollar, as the yellow metal gave back a portion of last Friday’s $42 advance.  The price of gold held in a tight range between $1,590 and $1,600 per ounce in overnight trading, and was down by $6.84, or 0.4%, at $1,592.25 this morning
Nikos Kavalis, an analyst at Royal Bank of Scotland, wrote in a recent note to clients that “We are staunch believers that gold will remain a risk-on asset for the foreseeable future.  So if we continue to see a more definitive policy response by authorities, gold will continue to benefit.”
“Having said that … the investment bid will be essential for the price to move up,” Kavalis added. “That will be without a doubt linked to continued news flow. This morning we have had a setback across the sector, and gold has not been left out.”

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