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IN spite of gold's vulnerability to a stronger US dollar, gold is well supported in the current environment and is poised to achieve a new price floor this year, Investec asset management said yesterday.
"We believe that gold has finally broken clear of the R5322 to R7603 per ounce range that dominated the last two years. We are probably in the process of finding out where the new higher range will be established," said Daniel Sacks, co-portfolio manager of Investec Global Gold Fund.
"We believe the degree of investment demand is likely to force a peak that is nearer R9896 per ounce over the next six months with R7603 an ounce becoming the long-term floor," he said.
Gold was last quoted 2,86% lower at R8350,42 an ounce, slightly stronger than its year close.
The gold price fell by 7% in December 2009, ending the year at R8300 per ounce after the metal hit a new all-time high during the month, when it traded at just over R9138 per ounce. - I-Net Bridge