(AXcess News) New York – Economic uncertainty has taken its toll on U.S. consumers,according to the latest consumer sentiment report,though the focus on economic direction hasn’t dampened gold investors’ thirst of late with gold closing down a mere 20 cents Thursday at $1661.80.
In light of this week’s downtrodden economic data one would think gold would be following the greenback lower,though it appears that gold prices are holding their own against investor uncertainty.
Looking forward into 2013,gold investors have to keep a global perspective on the precious metals direction and some would say they’re wise to do so.
While global growth is marked as slow,it’s still marching forward and for gold that’s probably a good thing when weighing economic recovery against demand for gold.
With Obama’s re-election the marketplace expects federal policy to remain steady with Ben Bernanke at the helm of the U.S. Treasury. Despite increases in payroll taxes recently the only effect will be on consumer spending. Consumer spending is considered the backbone of the U.S. economy and any downturn will most likely take place in the second half of 2013.
Some doomsday prophets believe the United States is headed for another recession,but worldwide economic recovery is underway. China has a better handle on its economy and in Europe things are beginning to turn around. Those economic events will have an impact on the U.S. economy and help keep growth moving forward,albeit at a very slow pace.
All said,gold will most likely remain in the $1650 to $1750 price range throughout 2013 with a possibility of seeing prices range up in the fourth quarter into the $1800s.