Gold Might Slow Drop as China Plenum Gets into Gear

With China expected to unveil some of its biggest economic reforms for 35 years following a meeting of its ruling Communist Party, many analysts have speculated that the price of gold could benefit from this weekend’s summit.
Spot gold sat at $1,309 an ounce Friday afternoon, after taking a hit Thursday after a better-than-expected U.S. growth figure. It’s down over 21 percent so far this year and 31 percent lower for its peak in September 2011. The precious metal could be considered to be in a long-term bear market — but analysts point to healthy Asian demand as reason for optimism.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza