Singapore, Singapore, January 18, 2011 --(PR.com
)-- The precious metal’s drop to its lowest point in more than a month last week also helped lift premiums for gold bars, with demand picking up in anticipation of the Lunar New Year celebration next month. Gold bars were offered at a markup of $3 over the spot London prices in Hong Kong, corresponding to a similar level seen in late 2008.Spot gold prices rose by $1.43 per ounce to $1,374.71. Gold was well below a historical high of around $1,425 struck last month.
Investors will also be watching the developments in Portugal and Spain intently, which are widely seen as the countries next in line in the euro zone to require a bailout after Ireland and Greece. Gold is expected to rebound into a range of $1,380 to $1,398 based on technical analysis by the Denko Group commodity fundamentals and research arm. The euro showed more stability last week after suffering a four month devaluation as investors took profits out of the currency.
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