gold spot price

gold spot price

Some analysts expect gold spot price to decline next year. Goldman Sachs Group said today in a report that bullion will probably maintain levels around $1,300 an ounce until year-end and then fall to $1,050 at the end of 2014 with improving US economy needing less stimulus. According to the median forecast of the 10 most-accurate precious metals analysts tracked by Bloomberg over the past two years, the gold price will decline to an average of $1,175 an ounce in the third quarter next year. A reduction in bullion-friendly fiscal stimulus was cited as a reason for the bearish forecasts., Friday, October 18: The gold spot price has been steady today as hopes the Fed will postpone reducing its monthly bond purchases have continued to support the metal.
Gold had lost about 0.1 percent to trade at $1,317.80 an ounce as of 10:32 BST in London but remained headed for its biggest gain in one week since August 16. The price soared as high as $1,328.40 earlier today, its highest level since October 8., Wednesday, October 16: The gold spot price has been steady today with the deadline for raising the US debt limit looming. US lawmakers have little time left to reach an agreement to prevent a potential debt default that could cripple the nation’s economy. Senate leaders resumed talks today after House Republicans’ last-minute plan to raise the debt ceiling collapsed.

Gold premiums in Asia rose, an indication of increased demand from key buyers. Premiums in India, the world’s top gold buyer, hit a record $100 an ounce due to a shortage of supplies to meet festival demand. In second-largest buyer China, premiums in the Shanghai Gold Exchange climbed to over $20 an ounce. Demand has been boosted by yesterday’s price fall.

Citi data showed that even though global gold capex rose tenfold in the past 12 years, production still fell by five percent, with unit costs rising 16 percent annually. Per unit costs would have risen dramatically faster if capital spending were less, too, they noted.

That’s because all-in sustaining costs, which Barrick discloses, are a significantly lower measure than all-in costs, which include irregular one-off costs, according to standards promoted by the World Gold Council earlier this summer.

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