There was no sign of fears of gold prices falling further in the short term yesterday (April 2nd), with many analysts maintaining that the next three months also look positive for the precious metal, according to Reuters.
Although prices are still not as high as last month, when they hit a record high of $1,000 per ounce, investors have been put off selling their bullion by hints that the US Federal Reserve may cut interest rates again in April, leading to an uncertain outlook for currency.
Commonwealth Bank of Australia analyst David Moore expressed his optimism about gold futures.
There's still a possibility for gold prices to recover further at some point in the coming quarter. I think the prices could sort of hold roughly around the current levels in the near term, he said, according to Reuters.
June gold prices rose $12.40 to $900.20 an ounce on the Comex division of the New York Mercantile Exchange yesterday.
By Arrangement with www.bullionvault.com