HYDERABAD, India Aug 24 (Reuters) – Global gold prices are
likely to consolidate in the range of $1,640-$1,700 an ounce
until October, with an upside bias, Sunil Kashyap, managing
director and head of Asia Pacific and Middle East at
ScotiaMocatta, told reporters on Friday.
“Government policies will be the single largest factor
affecting gold prices … it will consolidate a little bit but
pressure is on the upside,” Kashyap said on the sidelines of an
international gold convention here.
Spot gold was down 0.2 percent at $1,666.05 an ounce
at 1104 GMT.
Gold prices eased on Friday as waning appetite for
higher-risk assets and a firmer dollar prompted investors to
cash in gains after a seven-session rally to 4-1/2 month highs,
though they stayed on track for their biggest weekly rise since
early June.
(Reporting by Siddesh Mayenkar; Editing by Jo Winterbottom)
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