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Will Asia’s gold bugs come to the metal's rescue?
While Asian consumers have been an important force in the gold market, helping to offset the blow from heavy bullion-backed exchange traded fund (ETF) selling this year, they may not rescue the precious metal from its steep drop this time around, say analysts. Gold prices fell over 2 percent on Thursday, breaking through the key psychological level of $1,200 an ounce as speculation about the Federal Reserve scaling back stimulus further heightened deflation fears. Spot gold was last quoted up 0.3 percent at $1,193 in the Asian trading session. "We have seen gold prices being supported at current levels ... (full story)
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