Gold up on investor rebound
Gold prices moved higher Wednesday on an investor rebound.
The yellow metal ended up US$11.10 in London at US$1,348.35/oz, its highest since August 18, with silver also gaining, up 32 cents to US$19.92/oz.
The rises came with the US dollar continuing to languish around 89 euro cents, its weakest since late August, and with investor demand returning.
"The profit-taking seems to have run its course and the lower prices have attracted follow-through buying," said William Adams, head of research at FastMarkets.
"We feel prices will now have to push up into new high ground to avoid further stale long liquidation and possibly short-selling. Our big-picture outlook remains bullish but more profit-taking could easily be triggered if the price action disappoints."
Prices remained range-bound in August, prompting analysts at ABN AMRO to lower their forecasts, while Allocated Bullion Solutions said gold could fall 10%.
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