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Floor for Gold price to keep rising

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NEW YORK (Scrap Register): The floor for prices has risen in the gold market without requiring significant physical demand to cushion the downside, said Standard Chartered in a snippet.

The precious metal remains range-bound – although at the lower end of the band – but price dips have not been deepened by a soft physical market, the bank noted.

Standard Chartered continues to expect prices to test the downside in the lead-up to the June Federal Open Market Committee meeting as the market re-prices the Fed hiking trajectory and India enters its seasonally slow period for gold consumption.

But beyond this, a good monsoon season forecast for India and the market adapting to the country’s new goods and services tax regime should support demand, and continue to provide a rising price floor for gold, Standard Chartered added.

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