Monday, March 31, 2008

Gold Edges Higher

Gold edges higher as the dollar remains under pressure. Concerns over the state of the world’s largest economy and the depreciation of its currency remain uppermost in trader’s minds. Gold has been boosted by the ongoing financial turmoil because gold acts as a store of wealth and as an alternative investment to the dollar. Gold investors are buying gold bullion to hedge against rising inflation.

While gold has recovered some ground since a two month low last week, investors are still wary of backing gold to move back up to the $1,000 level seen in March. Jewelers played a role in moving gold back above $900, but physical buying interest has been limited at higher levels. Gold prices are likely to remain volatile as the precious metal builds a more stable base around $900. (135)

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