Metals News
Gold may trade b/w $1,070-$1,155/Oz during September, Intl FCStone says
industry news
Sep 9,2015

UNITED STATES September 08 2015 7:00 PM

NEW YORK (Scrap Register): Gold prices are expected to trade a range between $1,070 to $1,155 an ounce during this September and silver is seen in a range of $13.75 to $15.25 an ounce, said Intl FCStone.

“We suspect that the complex will move lower going into the Fed meeting, as the dollar may get bid up in anticipation of a rate rise; prices could fall even further, post-Fed, especially if equities rally,” the firm said in its monthly commodities outlook released during the Labor Day weekend in the U.S. and Canada. 

“We are also quite concerned about the lackluster state of retail physical demand in China and India. In the first half of 2015, Indian gold demand fell 7% from a year earlier and the second half looks iffy as well if rural spending does not pick up in the wake of an uncertain monsoon season,” analysts at Intl FCStone added.

The firm cites a Reuters report saying that Chinese demand in the second quarter was down 3% year-on-year due to slower jewelry buying, although demand for the full year is expected to hold steady with last year. 

“We have our doubts this will be the case, as the recent devaluation in the currency, coupled with a slowing economy and a relentless government backlash against conspicuous consumption could see demand flag instead,” INTL FCStone added.

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