Monday, June 2, 2008

Gold steady after more than two month high

After hitting it's highest price in two months on Monday gold steadied on Tuesday. Near record oil prices fed the fire of inflation jitters and the still weak dollar pushed gold prices higher. In one week gold has gained 8 per cent since it's low of $858 per ounce on June 24. Monday saw gold at $935.25 which is the highest gold has been since it's record hitting day on April 18.
'Book squaring lifted gold back to close the month and quarter at $926.40. Gold should look to spend more time base building above $909 however with inflation still at the forefront of most Central Banks' concerns investors are likely to favour those assets which offer anti-inflationary properties (such as gold),' said James Moore, analyst at TheBullionDesk.Com
At 9:27 a.m., spot gold was trading at $929.10 per ounce against $926.50 per ounce in late New York trade on Monday.
With inflation predicted to remain high and oil prices maintaining their record highs the price of gold should hold steady.
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