LONDON : Global investing guru and publisher of the famous Gloom, Boom and Doom report Marc Faber says gold price may continue to drop as low as $950 to $1,050 an ounce, but that is not any reason to sell gold. “The dip in gold price is a correction and this should be taken as a great buying opportunity,” Faber said.
Gold price has been in a volatile condition in the last two months. While some analysts have predicted that gold price is doomed and would plunge to a low of $800 per ounce, others hold faith saying that the yellow metal price will only continue to rise and rise.
The Gold Price then fell back almost $9 an ounce, but it rose to a new session high of $1082.93 by early afternoon and ended not far from that high with a gain of 1.0%.
Crude rose the most in a week as the dollar weakened. Oil prices gained 2.6% as the dollar tumbled the most since November, increasing the appeal of commodities as an alternative investment. Gold too gained on the dollar’s weakness and climbed over a per cent.
Aluminum yesterday traded with the positive node and settled 1.32% up at 94.85. Some support had been seen from the LME stock also which came up by -8250mt, the total stock at LME is now at 4571975mt.
Natural gas finished lower as the market eyed ample gas supplies, despite forecasts for more cold weather in the coming weeks.
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Gold Prices may be in the midst of a short-term drop but that presents investors with an opportunity to buy the precious metal, according to some analysts.
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