Monday, April 14, 2008

Gold Steadies 4/11/08

Gold steadied on Friday despite positive factors such as a weaker dollar and steady oil prices. Gold was quoted at $926.00/926.90 an ounce at 1320 GMT, against $925.90/926.70 in New York late on Thursday and a record high of $1,030.80 on March 17.

“We are trading in a range and there is no sign that we are going to break out of the current wide range in the near term,” said Wolfgang Wrzesniok-Rossbach, head of marketing at Heraeus, a German gold and precious metals trading group.(85) “...Gold is still $100 away from its own historic highs. There are some more long positions waiting to be sold, once gold goes up again,” he added. A weaker dollar makes gold cheaper and often lifts gold bullion demand. Gold and other precious metals are also generally seen as a hedge against oil-led inflation.

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