Friday June 22, 2012 8:48 AM
Gold has been unable to resist selling pressure, a change from recent patterns, says Commerzbank. Gold was pressured by a lack of quantitative easing by the Federal Reserve, and the slump in oil prices is lending weight as it is disinflationary. Commerzbank says physical gold demand in India also continues to be weak because of currency considerations. “In view of this development a rapid recovery of gold demand in the world’s second most important gold consumer country is not likely, which should continue to dampen the gold price for the time being,” they say.
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