Gold looks vulnerable as Chinese celebrate New Year
Victoria Hewitt-Marsh, News Editor
31 Jan 2014, 10:50 a.m.
Chinese demand for physical gold is expected to diminish over the next two weeks as the Chinese celebrate the Lunar New Year Holiday which starts today.
According to ANZ analyst, "Near-term, gold fundamentals look bearish, as Chinese demand is sidelined for the next few weeks with the New Year holiday. Absent a further escalation in emerging-market jitters, we expect prices to retest recent lows, potentially falling below $1,230 an ounce."