Gold Hits Fresh Record vs. Geithner's "Strong Dollar" as S.African Mining Struggles - Buy Gold Online with the Bullion Vault - GoldSeek.com
Posted using ShareThis
THE PRICE OF GOLD in US Dollars retreated from a fresh 0.7% surge early in London on Thursday, falling back from a new all-time record of $1123 an ounce as Asian stock markets closed the day lower.
Crude oil fell below $79 per barrel – higher by more than 75% from this time last year – while government bond prices rose.
The US Dollar bounced 1% from Wednesday's near-15 month low to the Euro.
Gold priced in both Euros and Sterling rose to fresh 8-month highs, hitting €748 and £677 an ounce respectively.
"Gold is way overbought short term," says Phil Smith at Reuters Technical India, but looking at trading volumes in the US Comex futures market, "the interesting thing to note it the big jump in volume that is powering this latest rally."
Thursday's new record gold price was the sixth in eight trading sessions vs. the Dollar.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment