Gold to stay around $1,300 level

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Gold prices remained at a $1,300 level on Tuesday as the prices were up $1.20 to $1,300.50 an ounce in December. September silver had a one cent increase to $19.64 an ounce. Gold had a 0.5 per cent drop the day before as experts predict that gold will stay on the same levels for the near future.

“This is the middle of the recent ranges and I don’t see it moving far from here for the time being. Look to carry on range trading, unless by some miracle, all the tensions in the world are sorted out. A doubtful scenario,” Marex Spectrum’s David Govett told Market Watch. “I hasten to add that gold is not the perfect safe haven, far from it, but it does knee jerk react to headlines and as such, the downside should be limited for the time being.” CJ

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