Gold Slips on Firmer Dollar
October 19th, 2009 Posted in Analyst Picks, Oil and Precious Metals
Name: Anton
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Gold steadied around $1,055 an ounce on Monday after falling more than $10 last week, as the dollar pared recent losses, prompting the precious metal to consolidate from record highs hit earlier last week.
Gold was on the defensive despite a further rally in crude oil, and a halt in the actual inflow of funds to gold trading discourages further buying. Oil prices had lagged behind recent gains in other commodities, including gold.
In addition, Gold is valued in Dollars. Over the last week, the USD saw a strong bearish movement against all the major currencies. This kind of thing has a very quick reaction on the gold prices which may be sent to a record high of around $1070 in the days ahead.
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