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CPM Group Views on Gold
Gold prices are likely to move side-ways to lower this week, with sup-port for prices at $1,700 and $1,680. If prices settle above $1,735, they are likely to rise back toward $1,760. Better than expected U.S. employ-ment statistics for January 2012, re-leased last Friday, coupled with re-newed concerns regarding Greece are helping to push the U.S. dollar higher. Strength in the dollar quite often weighs on gold prices. Com-bined gold ETP holdings stood at 78.7 million ounces on 3 February, up 465,260 ounces from 27 January and 1.1 million ounces from the end of 2011. Gold delivered via the Feb-ruary Comex contract stood at 222,700 ounces as of 3 February. Total registered inventories rose to 2.47 million ounces on 3 February from 2.37 million ounce at the end of January. Total inventories rose 29,477 ounces over the same period. Physical demand from India is likely to be hurt by the recent run up in prices. Chinese demand also is likely to slow, with the Chinese Lunar New Year pasted.
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
