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Investors likely to look for gold in January
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While gold prices usually tend to rally at the end of the year, a strategist for the World Gold Council expects to see more investment in the market in early January.
The gold market fluctuated last week after the release of US economic data including the PMI and non-farm employment figures.
“I think it seems clear that the US economy did slow down quite a bit through the course of 2019,” said John Reade, head of research and chief market strategist at the council.
“But that slowdown appears to be ending now and this, I think, is one of the reasons why gold prices came under pressure over the past two or three months.
“It’s still posting very strong gains for the year but gold hit a high of about US$1,500 an ounce back in September.”
He added: “We might see gold do well in December but I would be more interested in watching what people do in January 2020.
“In January when people start to redeploy or change their asset allocation or put their bets on again, I think they will look at the prospects of the gold market positively, so I would not be surprised to see a fair amount of investment in early January.”
Considering the current circumstances with increasing uncertainties in the global economy, “this is a good time to have more gold than investors’ regular strategic holding and to think about tactical positioning as well,” Reade said.
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