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Saturday, February 18, 2012

kitco gold prices forecast next week feb 20 2012

kitco gold prices forecast next week feb 20 2012 : Gold prices are expected to rise next week, but whether the metal gains value is largely dependent on the outcome of the Eurogroup meeting on Monday to determine Greece’s bailout.

Prices were lower on Friday and mixed on the week. The most-active April gold contract on the Comex division of the New York Mercantile Exchange settled at $1,725.90 an ounce, up 0.04% on the week. March silver settled at $33.216 an ounce, down 1.16% on the week.

In the Kitco News Gold Survey, out of 32 participants, 23 responded this week. Of those 23 participants, 16 see prices up, while three see prices down, and four are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.

Market watchers said the most important factor for precious metals markets – and financial markets in general – will be the announcement from the Eurogroup meeting on Monday. Markets across the board rallied on Friday initially, optimistic that some sort of deal can be reached with Greece so the country can get its second bailout. However, profit-taking going into the long weekend capped gains in equities and weighed on gold into the closing bell.

Many who expect a positive resolution to the meeting expect it will translate to higher prices in nearly all markets. U.S. markets are closed on Monday for the Presidents’ Day holiday. Normal trade resumes Tuesday.

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