News // Metal market
Gold Steady, After Geithner Comment
19 October 2010 , 08:29Reuters2226
in the previous session after Treasury Secretary Tim Geithner said the United States would
"Gold is likely to continue the rally before the Federal Reserve meeting in early November.
Unless the Fed announces quantitative easing to a huge extent, gold will retrace," said
"It's all about buying the anticipation. Once the result is out, it's time to close positions."
U.S. industrial output shrank last month for the first time in more than a year, a sign
the economy was in a slow-growth rut that appears certain to lead to more stimulus from
the central bank.
Spot gold XAU= was little changed at $1,368.95 an ounce by 0324 GMT, after moving in a
tight range of less than $2 in the previous session.
U.S. gold futures for December delivery GCZ0 fell 0.2 percent to $1,369.6.
Technical analysis showed that gold could rise to $1,386.75, as the retracement is seen
to have ended at $1,352.55, a low touched on Monday, according to Reuters market
"The support level is at $1,350. Gold is likely to trade around the current level, until we
know how much the stimulus is going to be," said a Hong Kong-based dealer.
He added that premiums were little changed from last week, at about 70 cents above
"Demand from China is steady, as people still like to buy gold, betting on prices to rise
to $1,400, $1,500 and even $1,600. The yuan appreciation also helps buying from China."
China has allowed its currency to rise more swiftly in recent weeks after depegging it from
the dollar in June, but a central bank spokesman said the country must ensure the yuan
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