[miningmx.com] – THE price of gold moved above $1,300/oz on the back of disappointing economic data and sentiment in the market that gold was oversold, said Bloomberg News citing analysts.
“Gold got seriously hammered last year, and with the stock markets not performing as well as expected, some investors are reconsidering their allocation to gold,’ said Wallace Ng of trading company, Gemsha Metals.
“Physical demand this week has been good. But that’s not enough to sustain the price move, which tells me it’s mainly driven by sentiment and technicals,’ he told the newswire service.
U. retail sales fell in January by the most since June 2012, while jobless claims unexpectedly climbed last week, Bloomberg News said.
Click here to read the full article
