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Gold prices likely to remain stable

01 October 2002Written by ATG Reporter

THE continuing fall in equities and the threat of war in Iraq have supported the gold price, say precious metal dealers Michael Bloomstein of Brighton.

Overall, gold demand in all sectors has fallen significantly from the same period last year but the value has remained broadly unchanged, thanks to the higher price per ounce.
The traditionally high Indian demand for gold jewellery has been cut by current price levels but is expected to recover if the price dips, limiting any downturn.

Central bank sales of gold reserves, which tend to depress prices, are due to end in the medium term, and with no short-term recovery of equities expected, Bloomstein anticipate gold prices being sustained at the current level for some time.

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