Hua Seng Heng projects gold prices could reach $2,000 per ounce for a resistance level and $1,970 for support. Another factor supporting gold prices rising is buying from central banks. Future trends in gold prices will depend on the Fed's policy, he said. The state of the Middle East war is also critical to gold price movement, which pushed gold prices to exceed $2,000 an ounce on Oct 30, said Mr Fan. Demand for gold jewellery fell by 2% to 2.5 tonnes from 2.54 tonnes last year, partly attributed to price fluctuations.
