Factors that will heal gold’s wound
The crisis in Eurozone is far from over meaning that the Euro will continue to remain fragile. This will increase the safe haven appeal of gold. In case of more bad news from the Eurozone, confidence in gold will boost further. IMF in its forecast has also said that the Eurozone will contract 0.3 percent in 2013 and grow only 1.1 percent in 2014.
Though speculation that Cyprus central bank might lead other European countries in selling gold from its reserves to revive economy has eclipsed the sparkle of gold, the looming uncertainty in Eurozone countries will keep gold buoyancy.
Ajeet Kumar/Reema Sharma
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