Edel Tully, precious metals strategist at UBS, said the gains in gold were modest and came on the back of short-covering.
FORBES: FOCUS: Speculators Return As Gold Buyers -- CFTC Data
Edel Tully, precious metals strategist at UBS, also remarked on this activity.
FORBES: FOCUS: Speculators Add To Bullish Gold, PGM Positions For Seventh Straight Week -- CFTC Data
As a whole, said Anne-Laure Tremblay, precious metals strategist for BNP Paribas, the more negative sentiment in precious metals caused investors to pare back.
FORBES: Speculators Shed Some Bullish Precious Metals Positions - CFTC
George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures, pointed to optimism for improving demand for PGMs from the automotive sector.
FORBES: Palladium Hits Highest Level Since February; Platinum Also Rises
This may also have exerted some pressure on gold, said Lesh and George Gero, vice president and precious metals strategist with RBC Capital Markets Global Futures.
FORBES: Comex Gold Eases On Liquidation After Stalling Ahead Of $1,700, Stronger Dollar Index
Even though prices slipped for some metals, Anne-Laure Tremblay, senior precious metals strategist at BNP Paribas, noted that speculators in general continued to build bullish positions.
FORBES: FOCUS: Speculators Add To Bullish Gold Positions For Sixth Week - CFTC
George Gero, vice president with RBC Capital Markets Global Futures, vice president-precious metals strategist, said he expected gold to trade steady to higher next week as gold.
FORBES: METALS OUTLOOK: Gold Seen Steady To Higher Next Week After Recent Weakness
Anne-Laure Tremblay, precious metals strategist at BNP Paribas, said while risk appetite is driving PGMs, she said investors need to stay vigilant with positioning at record highs.
FORBES: Speculators Buy Up Precious, Base Metals Futures, Options -- CFTC
George Gero, precious-metals strategist with RBC Capital Markets Global Futures, pointed out that the number of open positions in Comex gold for contracts beyond 2012 is building.
FORBES: Focus: Safe-Haven Buying Boosts Gold; Diverges From Equities and Rises With Dollar
Stephen Briggs, metals strategist at BNP Paribas, believes that poor ore grades, namely from major mining companies, are at the top of the list for poor mine supply this year.
FORBES: Analysts Look For Decline In 2011 Global Copper-Mine Production
Anne-Laure Tremblay, precious metals strategist at BNP Paribas, said gold continues to gain net long positions, but the momentum is beginning to slow as gold is in a price range.
FORBES: FOCUS: Speculators Continue To Gather Bullish Precious, Base Metals Positions --CFTC
George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures, looks for traders to continue factoring in potential for more stimulus in the U.S., Europe and China.
George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures, described a situation in which traders who established old long positions at lower prices have sufficient equity.
FORBES: Comex Gold Steady After Backing Down From Fresh Highs Overnight
Anne-Laure Tremblay, precious metals strategist at BNP Paribas, said while the Amplats news certainly has the potential to push up prices because of supply uncertainty, she offered a note of caution.
FORBES: FOCUS: Speculators Start Buying Precious Metals Futures, Options Again -CFTC
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
After sinking this week, gold prices rallied on Friday, which George Gero, vice president of RBC Capital Markets Global Futures and precious metals strategist, attributed to short covering, rather than new buying.
FORBES: METALS OUTLOOK: Gold Weakness Could Continue Next Week
Yet another supportive influence for gold was U.S. Senate passage of a bill pressuring China over valuation of the yuan, said George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures.
FORBES: Softer Dollar, 'Trend Reassertion,' Asian Demand Send Gold Higher
In October, gold ETF inflows reached 43.8 metric tons, according to Anne-Laure, precious metals strategist at BNP Paribas, with the biggest of the ETFs, the SPDR Gold Shares ETF (NYSE: GLD), capturing 15.5 tons.
FORBES: FOCUS: Gold ETF Popularity Rebounds; Focus Turns To Costs
George Gero, vice president with RBC Capital Markets Global Futures and precious metals strategist, said there are too many events and possible events happening next week to even attempt to call short-term direction in gold.
Anne-Laure Tremblay, precious metals strategist at BNPParibas, said because of the price slide after the cutoff date for data collection, the gains the metals have seen in new long positioning might stall in the next report.
FORBES: FOCUS: Speculators Return As Gold Buyers -- CFTC Data
The re-election of President Obama means a greater likelihood of continuity in U.S. Federal Reserve monetary policy, including a continuation of the bond-buying program known as quantitative easing, said Anne-Laure Tremblay, precious-metals strategist at BNP Paribas.
George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures, said he expects some buying to cover short positions from traders who do not want to hang onto bearish gold bets over the weekend.
FORBES: Gold Recovers As Soft U.S. Data Dings Dollar; Market Eyes Physical Demand
George Gero, vice president with RBC Capital Markets Global Futures and a precious metals strategist, said the dragging on of the fiscal cliff debates in Washington over automatic spending cuts and tax increases is taking a toll.
FORBES: Metals Outlook: Getting Ready For Last Full Week Of Trading For 2012
Had the FOMC statement been construed to mean accommodation could be scaled back sooner than previously thought, gold might have extended its earlier losses, said George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures.
FORBES: FOCUS: Gold Bounces After FOMC Statement; Continued Accommodation Seen As Supportive
George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures, is among those traders who monitor the open-interest data on a daily basis for clues on the type of buying or selling that is occurring.
FORBES: Rising Gold Prices, Open Interest Reflects New Buying In July
George Gero, vice president with RBC Capital Markets Global Futures and a precious metals strategist, said he sees higher gold prices next week and there are two areas where he will turn his attention: interest rates and physical demand.
FORBES: METALS OUTLOOK: Consolidation Possible For Gold Next Week
Edel Tully, precious metals strategist at UBS, said while speculative buying and ETF inflows have supported gold to current levels, she is watching physical demand, which generally has been lagging with gold prices near records in most emerging market currencies.
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