by Jan Skoyles, TheRealAsset.co.uk
Despite a sharp jump in equities and low demand in China, the gold price jumped up by 1% this morning thanks to technical buying post rising above $1,300. Safe haven demand, due to events in the Ukraine, continues to support the price after rallies following NFP data fizzled out. Silver and the PGMs also climbed by about 1%.
Bearish predictions on the gold price
In a new report from Morgan Stanley, we learn that gold is their least preferred commodity as the factors that boosted gold in Q1 are, apparently, no longer evident today. One of those alluded to by analyst Joel Crane is the Ukraine situation that boosted safe-haven demand. Something that Morgan Stanlye believe will no longer be a major driver in this year’s gold price. Having said that, tensions increased once again yesterday and the bank have increased their average 2014 price by 5% to $1,219/oz.
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