Barclays sees Gold to avg $1220 an ounce in Q4-Shanghai Metals Market

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Barclays sees Gold to avg $1220 an ounce in Q4

Industry News 08:59:48AM Sep 23, 2014 Source:SMM
UNITED STATES September 22 2014 6:03 PM
 
NEW YORK (Scrap Register): Barclays expects gold prices to average $1220 an ounce in the fourth quarter of this year, as a stronger dollar overshadows the seasonal pick-up in gold demand and safe-haven buying. 
 
While a weaker gold price is likely to create a hurdle for the rest of the complex, Barclays expects platinum and palladium to average $1400 an ounce and $850 an ounce, respectively, in in the fourth quarter with platinum finding support at lower levels, as jewellery demand remains price-sensitive while industrial and auto demand cushion palladium.
 
According to Barclays, gold has benefited from a safe-haven bid, albeit to a lesser extent than safe-haven currencies, which has weakened the correlation between gold and the dollar. 
 
Without the safe-haven bid gold prices would be under much greater pressure, given the magnitude of the dollar’s ascent, they added.
 

Barclays sees Gold to avg $1220 an ounce in Q4

Industry News 08:59:48AM Sep 23, 2014 Source:SMM
UNITED STATES September 22 2014 6:03 PM
 
NEW YORK (Scrap Register): Barclays expects gold prices to average $1220 an ounce in the fourth quarter of this year, as a stronger dollar overshadows the seasonal pick-up in gold demand and safe-haven buying. 
 
While a weaker gold price is likely to create a hurdle for the rest of the complex, Barclays expects platinum and palladium to average $1400 an ounce and $850 an ounce, respectively, in in the fourth quarter with platinum finding support at lower levels, as jewellery demand remains price-sensitive while industrial and auto demand cushion palladium.
 
According to Barclays, gold has benefited from a safe-haven bid, albeit to a lesser extent than safe-haven currencies, which has weakened the correlation between gold and the dollar. 
 
Without the safe-haven bid gold prices would be under much greater pressure, given the magnitude of the dollar’s ascent, they added.