Demand from China and other parts of Asia will support the price of gold, the chief executive of one of the largest gold miners has said, as the metal traded near a six-week high.
Chuck Jeannes of Goldcorp said he saw “as much clarity in the market as there has ever been”, with a “floor” created by strong demand whenever gold reached or fell below about $1,200 per ounce.
“Anecdotal evidence is that gold goes down and physical demand goes up,” he said. “A huge number of physical buyers see gold as a bargain below $1,200.”
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