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Gold Investors Anticipate a Critical Month in September

By   /   August 31, 2012  /   No Comments

After a 3.3% surge last week the US Comex gold futures fell 0.2% this week.  Gold’s tone was more cautious leading up to Ben Bernanke’s August 31st speech at the annual gathering of central bankers and finance ministers at Jackson Hole.  Global economic data was weak at best despite the U.S. rise in housing prices.  Marcus Grubb of the World Gold Council expects increased gold demand in 2012.  The first half of the year may have shown decreased demand with India’s stark plunge, but the seasonal increase in India from September to November could give gold a boost.  In addition, central bank’s hugely increased consumption (up 25% from last year) has offset lower demand from countries such as India.  September is going to be a critical month for gold investors.  In addition to the Jackson Hole conference, announcements out of Europe are also being eagerly awaited.  The ECB may announce another bond purchasing program Sept. 6, the “Troika” will decide if Greece will receive aid, and Germany is set to rule on the ESM on Sept. 12

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