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Gold prices looking towards upside: expert

时间：2012-09-25 01:53:59

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Gold prices looking towards upside: expert

 DUBAI, Sept. 22 (Xinhua) -- The rising of gold prices has halted near its six-month high last week, said Gerhard Schubert, head of precious metals at Dubai's largest bank Emirates NBD, in his weekly analysis on global commodities published Saturday.

"The gold market consolidated1 over the course of last week, with prices trading within relatively2 narrow boundaries," said Schubert. Gold prices closed Friday at 1,772.00 U.S. dollars per ounce, up by 2.00 dollars from last week. "The low trades were noted3 in the high 1,750's, while a high of 1,788 dollars was reached last Friday, before closing for the week nearly unchanged, " he added.
For the coming weeks, Schubert predicted the gold market will remain bullish. "The market, it seems, is still very much looking towards the upside but the amassing4 of long positions from long term holders5 and from short term speculative6 participants make us wary7 of a short term: It is a wash out," said Schubert.
Rising gold prices usually reflect fears of a global political instability as investors8 prefer to escape into gold as a safe haven9 in order to preserve their capital. Current instabilities are the risk of an escalation10 of the gold miners' strike in South Africa, a break-up of the 17-member states comprising Euro zone, the ongoing11 civil war in Syria and the threat of a war between Israel and Iran over Tehran's disputed nuclear program.
"It looks like everybody who has any reason wanting to be long is already long and the question is who or what will be the spark to initiate12 even more follow-on buying at this stage," added Schubert.
Since the outbreak of the global financial crisis in 2008, regarded as the trigger of the current Euro zone debt crisis, gold prices have soared by 142 percent.

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1 consolidated dv3zqt     
a.联合的
参考例句：
  • With this new movie he has consolidated his position as the country's leading director. 他新执导的影片巩固了他作为全国最佳导演的地位。
  • Those two banks have consolidated and formed a single large bank. 那两家银行已合并成一家大银行。
2 relatively bkqzS3     
adv.比较...地，相对地
参考例句：
  • The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
  • The operation was relatively painless.手术相对来说不痛。
3 noted 5n4zXc     
adj.著名的，知名的
参考例句：
  • The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
  • Jim is noted for arriving late for work.吉姆上班迟到出了名。
4 amassing hzmzBn     
v.积累，积聚( amass的现在分词 )
参考例句：
  • The study of taxonomy must necessarily involve the amassing of an encyclopaedic knowledge of plants. 分类学研究一定要积累广博的植物知识。 来自辞典例句
  • Build your trophy room while amassing awards and accolades. 建立您的奖杯积累奖项和荣誉。 来自互联网
5 holders 79c0e3bbb1170e3018817c5f45ebf33f     
支持物( holder的名词复数 )； 持有者； （支票等）持有人； 支托（或握持）…之物
参考例句：
  • Slaves were mercilessly ground down by slave holders. 奴隶受奴隶主的残酷压迫。
  • It is recognition of compassion's part that leads the up-holders of capital punishment to accuse the abolitionists of sentimentality in being more sorry for the murderer than for his victim. 正是对怜悯的作用有了认识，才使得死刑的提倡者指控主张废除死刑的人感情用事，同情谋杀犯胜过同情受害者。
6 speculative uvjwd     
adj.思索性的，暝想性的，推理的
参考例句：
  • Much of our information is speculative.我们的许多信息是带推测性的。
  • The report is highly speculative and should be ignored.那个报道推测的成分很大，不应理会。
7 wary JMEzk     
adj.谨慎的，机警的，小心的
参考例句：
  • He is wary of telling secrets to others.他谨防向他人泄露秘密。
  • Paula frowned,suddenly wary.宝拉皱了皱眉头，突然警惕起来。
8 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
9 haven 8dhzp     
n.安全的地方，避难所，庇护所
参考例句：
  • It's a real haven at the end of a busy working day.忙碌了一整天后，这真是一个安乐窝。
  • The school library is a little haven of peace and quiet.学校的图书馆是一个和平且安静的小避风港。
10 escalation doZxW     
n.扩大，增加
参考例句：
  • The threat of nuclear escalation remains. 核升级的威胁仍旧存在。 来自辞典例句
  • Escalation is thus an aspect of deterrence and of crisis management. 因此逐步升级是威慑和危机处理的一个方面。 来自辞典例句
11 ongoing 6RvzT     
adj.进行中的，前进的
参考例句：
  • The problem is ongoing.这个问题尚未解决。
  • The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。
12 initiate z6hxz     
vt.开始，创始，发动；启蒙，使入门；引入
参考例句：
  • A language teacher should initiate pupils into the elements of grammar.语言老师应该把基本语法教给学生。
  • They wanted to initiate a discussion on economics.他们想启动一次经济学讨论。

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