Bullion: Time to accumulate, contrarian
view positive for the
metal
Gold continued its climb yesterday on the back of week
greenback and the Iranian issue. As we
have been maintaining and as have been
confirmed by the recent BIS reports, the
Middle-East nation's plight continued to affected the euro. The dollar pulled back after the United Arab
Emirates said it will increase the amount
of euros in its foreign reserves to 10%
from 2%. This further re-iterated our
view on forex reserves diversification to non-US currencies, triggering further buying into the metal.