Gold seen hitting $700/oz in one month, as investors' appetite increases - UBS
The BullionDesk
Date: August 21, 2007
Gold is expected to reach $700 an ounce over the next month, as the metal's appeal as a safe-haven value is to increase again among investors, and it will trade even higher by the end of the year, broker UBS said on Tuesday.
"We forecast gold at $700 an ounce in one month and $750 and ounce in three months," it said in its latest report.
"We have seen signs that investors are turning their attention to gold again for a mixture of fundamental and financial reasons," it added....
Solid unseasonal demand from India has been seen in the past few days, indicating that Indian gold traders expect stronger demand to start in September, following on from the very strong imports seen in the twelve months to June, up 88 percent year-on-year.
"In this environment, we believe there is a meaningful chance that gold will attract the safe haven bid that has been so far mostly absent during the credit crunch," it said....
The above information has been redacted from the article as it originally appeared on TheBullionDesk.com on August 21, 2007.
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