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INTL FCStone expects Gold to eventually top $1,300 an ounce

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NEW YORK (Scrap Register): Look for gold to eventually move above $1,300 an ounce, said Edward Meir, commodities consultant with INTL FCStone.

The February gold contract on the COMEX division of the New York Mercantile Exchange dropped by $4.60 to settle at $1,287.40 an ounce on Thursday after trading as high as $1,298.

The yellow metal was up a modest 0.1% in the week to date and has climbed 0.5% so far in January.

The metal hit a six-month high of $1,300.40 last week.  Precious metals remain firm, but the upward momentum seems to have stalled somewhat as far as gold is concerned, Meir added.

“In gold's case, the $1,300 level remains psychological resistance, but we suspect it will eventually be taken out given the backdrop the precious metal is operating against,” Meir noted.

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