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Gold may glitter late this year
LONDON, Jan 8 : Gold is hovering above five-year lows at around 349 dollar an ounce, but the market ts likely to challenge 400 dollar later this year, analysts said, reports Reuter.
"We’re still in a weak market and while there has been an increase in physical demand outside the US and Europe, we'll probably have to look to economic recovery later in the year for an upturn tn gold." Robert Guy, Chairman of the London Bullion Market Association. said.
Last year's disclosure that Soviet gold reserves had plunged was likely to help underpin prices in 1992, analyst
The average price for gold In 1991 was 362 dollar with the metal hitting a five-year low of about 342 In September on an array qf factors ranging from poor Investment demand to forward selling by producers generally.
Analysts commented on prospects for 192 as follows—
Prices
Tve generally been a gold bear, but the fundamentals have rally changed this year and should filter through Into the market In late 1992, early 1993", A gold analyst from a major mining company said.
The selling will really come In from the mining companies at 370 dollar and scale up to 400 dollar but be-
yond that the producers don't expect the price to go further. So you may get a vacuum with the possibility of a further sharp upward spike," he
Wlklor Bielskl of Brokers W I Carr said, "the fundamental outlook for gold in 1992 is the best for three to four years and technically it is well oversold."
The critical resistance is at 380 dollar and If we get through that level, we could move up to 400 dollar and possibly 425 dollar very quickly in the second half of 1992."
Andy Smith of Union Bank of Switzerland (UBS), said, "prices will be much more lively this year in better two-way trade provided we don't get a one-way disaster like the Gulf War in 1991. The trend should be choppy and slightly up."
He put the lower end of gold's range at 350 dollar.
Rhona O'Connell of Brokers Williams De Broe took a slightly different view. "I'm not a gold bull. I'm broadly neutral. I would be surprised if gold sustained any period below 320 dollar, but if it can't rally beyond 372 dollar in the third and fourth quarters of 1991 when Jewelle:y demand is at its strongest I don't give much for this year’s chances."