Tuesday, October 17th, 2017

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Gold Should See Recovery

Some analysts still expect gold to break $2,000 per troy ounce.Gold could be on the the way back up despite a surprising drop in September, according to Reuters.

The precious metal hit a record price of $1,923.70 per troy ounce in early September before seeing its biggest losses in three years, falling back below $1,700 per troy ounce.

Bankers at Reuters Wealth Management Summit in Singapore told investors that gold is likely to climb back, recovering its recent losses and making further gains aside.

"Gold at $2,000 is absolutely, potentially on the uptrack, despite the selloff," Marcel Kreis, Credit Suisse's head of private banking for Asia-Pacific, told the conference. "That is sort of the immediate target."

Forbes reports that gold started October on a positive note, rising more than $30 per troy ounce in early trading for both December delivery and on the spot market. The news source reports that the precious metal appears to be benefiting from bargain hunters expecting prices to rise in coming months.

Independent of investments, Asia has seen increased physical demand, particularly as the Indian wedding season begins. Silver has similarly gained somewhat though it remains substantially lower than its springtime highs.

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