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Other market observes are bullish on gold with some forecasting $1,400 per ounce for the yellow metal next year, assuming the dollar weakens as other global central banks reveal tighter monetary policies.
“One positive for the gold market is that in India, one of the biggest gold buyers, the rupee-gold relationship has become a positive for the precious metal and could spur buying. The ratio fell below 30,000 rupees for 10 grams of gold Wednesday for the first time since January, and that could be an important catalyst,” reports CNBC.
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Tom Lydon’s clients own shares of GLD.