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Fall in gold price sparks local buying interest

Published on Apr 17, 2013 8:56 AM
 
Analysts say gold prices are not likely to recover in the short term. While some investors are dumping gold, others see a buying opportunity. -- PHOTO: REUTERS

THERE is no relief in sight for gold investors, with analysts tipping that prices are not likely to recover in the short term.

The price of gold has fallen about 12 per cent from last Wednesday, hitting US$1,382.90 an ounce at 7pm yesterday.

Gold is being dumped in response to Monday's weak growth data out of China and reports that Cyprus was planning to sell part of its bullion reserves to pay down debt, say experts.

But while many are getting out of gold, others see a buying opportunity.

 
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