In the meantime, Pawlicki said there are a number of factors that make gold an attractive investment play.
“There are rumors about an Italy downgrade so these things are going to continue and the safe haven bid is going to be maintained for gold,” he said.
Pawlicki noted that gold prices are up around 11.5 percent while stocks are only up 8 percent since the February lows. And strength in emerging market currencies should make gold attractive to price-sensitive buyers, he said.
“Also, as we come into the Indian wedding season and a big festival in about a week and a half, we’ll see strong demand from those players,” Pawlicki added.
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No immediate information was available for Holmes or Pawlicki.