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Gold rises for 3rd consecutive session

English.news.cn   2014-01-14 06:22:41            

CHICAGO, Jan. 13 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange closed Monday at the highest level since Dec. 11.

The most active gold contract for February delivery rose 4.2 dollars, or 0.34 percent, to settle at 1,251.1 dollars per ounce.

Due to disappointing job data last week, gold prices have kept rising, and investors' appetite seems to be insatiable at current levels.

Some market analysts hold that gold will not be too hot nor too cold in 2014, with prices averaging 1,274 dollars per ounce in the year and touching a high of 1,350 dollars and a low of 1,180 dollars.

But more market analysts believe that it takes more than just one disappointing job data to sustain the rebound of gold. Barclays has revised down its 2014 average price for gold to 1,205 dollars per ounce, and expected that a fresh low of 1,050 dollars will be tested this year. Goldman Sachs further cut gold prices for 2014 with target gold prices at the end of the year at 1,050 dollars per ounce.

The biggest dampening factors for gold in 2014 will be a stronger dollar and rising interest rates, market analysts say.

Atlanta Fed President Dennis Lockhart said Monday that he supports scaledown of bond purchase as long as the economy grows at 2.5 percent to 3 percent.

Silver for March delivery gained 16.2 cents, or 0.8 percent, to close at 20.385 dollars per ounce. Platinum for April delivery added 7 dollars, or 0.49 percent, to close at 1,443.9 dollars per ounce.

Editor: Mu Xuequan
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