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