UNITED STATES March 03 2015 6:28 PMTweet
NEW YORK (Scrap Register): Gold prices are likely to remain weaker in March as geopolitical tensions ease in Europe with Greece managing to negotiate a four-month funding agreement with its European creditors.
"The US dollar remains strong and global equities are “on a tear,” taking away some of gold’s recent momentum and not expect the European Central Bank’s expanded quantitative easing program, to be launched this month, will have much impact on the yellow metal,” said Said Edward Meir, commodity consultant with INTL FCStone.
"Consequently, we suspect that gold will likely struggle during the course of March and despite its current strength, we expect it to retest its recent lows in short order. Its weaker tone will likely impact silver as well given that the complex has been tracking gold with an 82% correlation of late,” Meir added.