Wednesday, 30 November 2016 16:36
LONDON: Gold was barely changed on Wednesday, but some analysts say there
is scope for further downside after bullion endured its worst month of losses
since June 2013.Gold has shed about 7 percent in
November and analyst Daniel Briesemann at Commerzbank in Frankfurt reckons that bullion
has not yet stabilised."Recently there's been a perfect
storm against gold with higher risk appetite, rising stock markets and bond
yields, massive ETF (exchange traded fund) outflows and the withdrawal of
speculative financial investors," he said."We don't think this is over yet.
Normally lower prices should attract higher demand, but the Indian situation is
putting the brakes on gold buying."The shock withdrawal of high-value notes
to fight "black money" in India,
the world's second biggest consumer of gold, has hit gold demand during the
peak wedding season. Spot gold on Wednesday was down 0.1 percent at
$1,187.67 an ounce at 1100 GMT. US gold futures fell 0.1 percent to $1,186.70. Bullion has lost $150 from a Nov. 9 post ...