from Kitco NEWS
Thomson Reuters GFMS released its Gold Survey 2016 report Thursday, and the research firm’s manager of precious metals demand Ross Strachan joins Kitco News to talk about the results. Although the firm’s forecast remains bearish over the shorter term, Strachan said gold has already seen its low for the year. “We believe that the lows of this price cycle have already been seen at $1,050,” he told Daniela Cambone Thursday. “In fact, our low is expected to be $1,150 and we would expect that probably to occur somewhere around the third quarter of this year.” The outlook is in line with a forecasts by Goldman Sachs for the metal to reach $1,100 in the near term and New York-based research firm, CPM Group, which is calling for gold to potentially fall to $1,130 in the second and third quarter of the year. After that, Strachan said he expects gold prices to recover into “a long-term cyclical uptrend.” Gold has been under pressure this week ahead of Friday’s employment report, with June gold futures last up $8.03 at $1,236.90 an ounce.