Indobusiness - Predictions analysts split in predicting the future price of gold. On the one hand the prices of commodities will go up in the near future, while on the other hand predicts gold prices continue reprieve.
From a survey conducted by Bloomberg, 15 analysts expect gold prices will start to rise next week. Meanwhile, 14 analysts projecting gold prices dropped and the 3 analysts said neutral.
In the past two weeks, gold prices fell 16 percent and touched 1180.50 per ounce today. That level is the lowest since August 2010. The metal prices fell significantly during the quarter, as investors sold gold holdings, following a decline in prices that occurred.
Gold entering its lowest price since 1981, after several investors no longer believe in this portfolio, and amid speculation that the U.S. central bank will cut its economic stimulus.
"Therefore, at this time we are entering a time where the price of gold was no longer exposed to the pressure because it was oversold. There are many strategic buyers who take advantage of this drop in gold prices, "said Thorsten Polleit, an economist at a leading investment company in Europe, Goldhandel Degussa GmbH.
He believes the gold price will be lifted next week after the current prices are bottom.
In the London market, gold prices fell 28 percent this year to 1,202 U.S. dollars per ounce, and back down to 25 percent this quarter.
Earlier, gold prices rose significantly between the range of 2008-2011, and reached its highest point in the level of 1,921.15 in September 2011. The increase was fueled by the Fed cut its benchmark rate.
When the demand for gold is not too good, in some Asian markets investors take advantage of these conditions by buying up these commodities.
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