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Gold rockets on weak dollar
Sunday, November 26th, 2006 Posted in Gold News |
Spot gold gained as much as $8/oz on Friday as the dollar continued to show weakness against the euro, touching a 19-month low. “Pressure on the dollar has lifted gold,” said James Moore, of TheBullionDesk.com, “[The dollar] will be a key factor in boosting gold prices in the coming sessions, with resistance above pegged at $642-44 once the $630 area is successfully cleared.”
Source: IAfrica
Gold rockets on weak dollar
Gareth Tredway
Sat, 25 Nov 2006
Spot gold gained as much as $8/oz on Friday as the dollar continued to show weakness against the euro, touching a 19-month low.
“Pressure on the dollar has lifted gold,” said James Moore, of TheBullionDesk.com, “[The dollar] will be a key factor in boosting gold prices in the coming sessions, with resistance above pegged at $642-44 once the $630 area is successfully cleared.”
Analysts have described a successful break through $630/oz as a key driver to further upside for the yellow metal.
According to AFX, the euro and the pound surged against the dollar after comments by the deputy governor of the People’s Bank of China caused massive selling in the US currency. However US holidays have induced thin liquidity in the market, which has contributed to the sharp gains. ,p> “Active trading should resume next week with the return of the New York market from holiday,” said Standard Bank in London.
By 2.48pm on Friday, the price of gold was up $7.05/oz at $637.89/oz. The yellow metal is up nearly $80/oz or 14 percent, since it hit a more than three-month low of $558.10/oz on 4 October.
The euro was bid at $1.3082 from $1.2947 late on Thursday, while the near- dated Brent crude contract was quoted at $60.06 a barrel from Thursday’s $59.35.
Platinum was also up strongly, quoted at $1190/oz, up $27/oz from Thursday’s close of $1163/oz. Palladium was quoted at $328.50/oz, up $7 from its overnight close.
NYMEX trading floors closed for the Thanksgiving weekend on both Thursday and Friday. CME trading floors were closed on Thursday, while commodity futures trade for a half-day on Friday.
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