Gold bugs tout price gain on dour US data | Bangkok Post: business

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Gold bugs tout price gain on dour US data

Weak employment data makes QE3 likely

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Foreign funds will return to investing in gold as a safe haven with the euro-zone debt crisis worsening and the US economy weakening, causing gold prices to possibly reach US$1,900 an ounce this year. 

Kasemtas Dardarananda, an MFC Asset Management fund manager in the global equities department, said gold will start gaining again now that the US unemployment rate and other key economic data were worse than market expectations.

The latest survey of US and world financial institutions added more pressure on the US Federal Reserve to launch a third quantitative easing (QE3), with calls from Morgan Stanley and Socie{aac}te{aac} Ge{aac}ne{aac}rale.

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