Gold Climbs Over $960

May 24, 2009 · Posted in Gold Bullion News · Comment

May 23- Gold reached a two-month high this Friday, climbing over $960 an ounce for the first time since March as the falling U.S. dollar leads to the purchase of gold as a currency hedge. Spot gold reached a high of $961.30 an ounce, the highest price since March 20, 2009.

Gold futures in the U.S.for June delivery settled at $7.70 at $958.90 an ounce on the COMEX division of the New York Mercantile Exchange, while experts expect that bullion is poised to make further upcoming gains.

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Tags: gold bullion, spot gold

Gold Values Holding Firm Against Non US Currencies

November 30, 2008 · Posted in Gold Bullion News · Comment

New York- As a global economic crisis grows deeper, gold has not only held steady in US dollar terms but also increased in value against non U.S. currencies, and a strong buying market despite higher prices seems to signal that the precious metal may rally further.

A jump to safety amid economic termoil has bolstered the US dollar, which hurt dollar-denominated gold and made bullion more expensive when priced against other currencies. On Wednesday, gold traded at around $800 per ounce, about 20 percent lower than its all-time high $1,030 in March, driven by the dollar resurgence in the wake of plummeting crude oil prices and a worldwide recession.

The massive US Government market stimulus plan by the to help keep the economy afloat would lead to a lessened dollar value and higher inflation, which should bode well for gold in the long term, analysts said.

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Tags: gold bullion, gold values

Gold Investment On Upswing

August 20, 2008 · Posted in Gold Investment On Upswing · Comment

GOLD INVESTMENT NEWS:
Gold prices ended higher on Monday as U.S. dollar weakness created broad gains in the commodities market, although platinum prices finished lower after reaching 11-month lows during Asian trading.

Traders said gold was forming new bases, resulting in higher gains.

Gold priced at $810.70/811.90 (U.S.) on New York's final trade at 2:15 p.m. EDT, up from $799.65/801.05 at the U.S. market closed Monday. Precious metals started the session lower, slumping to a session low of $782.05.

The dollar was weak across the market as U.S. stocks fell while investors took profits on the dollar's recent gains. The greenback's slump triggered broad-based rallies in commodities and crude.