The bank is not expecting any major new changes from the central bank, Bhar said.
FORBES: METALS OUTLOOK: Gold Market Will Watch Equities, FOMC Meeting
Also, labor costs are trending higher amid a shortage of skilled mine workers, Bhar said.
FORBES: Global Output From Gold Mines In Upswing Although Some Constraints Persist
By contrast, for much of the year, dollar gains tended to crimp gold, Bhar pointed out.
FORBES: Focus: Safe-Haven Buying Boosts Gold; Diverges From Equities and Rises With Dollar
Gold has also benefitted from some improvement in Chinese economic data this week, Bhar added.
FORBES: Focus: Safe-Haven Buying Boosts Gold; Diverges From Equities and Rises With Dollar
The U.S. GDP report has meant improved risk sentiment, said Robin Bhar, metals analyst with Societe Generale.
FORBES: METALS OUTLOOK: Cautious Trading May Remain The Trend For Gold
The European Central Bank meets Thursday and expectations are for a cut in interest rates, Bhar said.
FORBES: Precious, Base Metals All Boosted By Hopes For Further Monetary Easing
Robin Bhar, senior metals analyst with Credit Agricole CIB, estimated 15% to 20% of global output is unprofitable.
FORBES: Some Aluminum Production Dips Below Costs; Output Cuts Likely If Condition Persists
Bhar, as well as analysts from Commerzbank, look for further stimulus from China to impact prices at some point.
Robin Bhar, senior metals analyst at Credit Agricole CIB, said extreme price swings and profit-taking contributed to long liquidation.
FORBES: FOCUS: Speculators Cut Bullish Exposure To Precious, Base Metals --CFTC Data
For silver, Bhar and Platt said losses may continue to mount next week.
FORBES: METALS OUTLOOK: Weaker Outlook For Gold Prices Likely
India had good monsoon rains that should be constructive for physical gold demand, said HSBC analyst Jim Steel and Bhar.
FORBES: Gold Entering Seasonally Strong Period; Physical Demand Anticipated On Price Dips
But in the longer term, whenever the industrial cycle picks up again, platinum should regain the upper hand against gold, Bhar said.
FORBES: Gold Prices Poke Above Platinum On Global Macroeconomic Concerns
Further, Bhar said, platinum typically is more expensive to mine than gold.
FORBES: Gold Prices Poke Above Platinum On Global Macroeconomic Concerns
However, aside from copper, many of the base metals have already fallen near their marginal cost of production, which should provide a floor, Bhar added.
Bhar said the market anticipates further mine shutdowns or production cutbacks.
FORBES: Platinum Prices Soar To Five-Month High As South African Labor Issues Escalate
Bhar pointed out that gold climbed steadily in the aftermath of a report showing U.S. consumer spending fell 0.2% in June, the first drop in almost two years.
FORBES: Gold Underpinned By Downgrade Worries, Economy, European Debt Issues, Central-Bank Buying
Bhar looks for gold to trade at a premium for much of the rest of the year, or longer if there is a recession that lasts for a while.
FORBES: Gold Prices Poke Above Platinum On Global Macroeconomic Concerns
Jim Comiskey, senior market strategist with MF Global, and Bhar both pointed out that gold held around its 200-day moving average on the sell-off last month, encouraging longer-term bulls.
FORBES: Softer Dollar, 'Trend Reassertion,' Asian Demand Send Gold Higher
Further, Bhar said, the recent pullback in gold prices has helped bring about more physical demand from India, which previously has been softer than usual for much of the year.
FORBES: Gold Supported By FOMC Statement, Soft Dollar, Improved Indian Demand
Further, whereas palladium is associated with gasoline-powered cars, manufacturers are working to evolve technology so they can also substitute some of the platinum with palladium in diesel-powered cars, Bhar said.
Robin Bhar, senior metals strategist with Credit Agricole CIB, suggested the market needs further clarification to draw definitive conclusions, such as whether the 1.9-million-ton figure includes working stockpiles and strategic reserves.
FORBES: FT Story On Chinese Copper Inventories Captures Attention, But Impact Likely To Be Muted
Robin Bhar, senior metals analyst at Credit Agricole Corporate and Investment Bank, said as geopolitical factors wane, the focus is shifting toward the U.S. dollar, the Eurozone debt crisis and inflation concerns.
FORBES: METALS OUTLOOK: Gold Seen Steady To Higher Next Week After Recent Weakness
Also, Bhar said some pressure on gold stems from comments by San Francisco Federal Reserve President John Williams, who suggested Thursday that the central bank could taper its monetary stimulus, perhaps as soon as this summer.
FORBES: UPDATE: Stronger Dollar, Technical Weakness Push Gold Futures To Six-Week Low
Risk appetite generally seems stronger, Bhar said.
FORBES: Gold Supported By FOMC Statement, Soft Dollar, Improved Indian Demand
应用推荐