Wednesday, August 17, 2016

Gold Set for Sixth Consecutive Quarterly Advance on Physical Demand?

March 31, 2010 by · Leave a Comment 

Mark O’Byrne submits:

Gold fell to $1,101/oz in New York Tuesday before recovering to close with a loss of 0.53%. It has since risen from $1,105/oz to $1,110/oz in Asian trading this morning. Gold is currently trading at $1,109/oz and in euro and GBP terms, gold is trading at €825/oz and £732/oz respectively. Gold looks set for a lower close for the month of March (some 1%) but a higher close for the quarter.

Gold’s rise this morning is likely due to dollar weakness and oil, copper and some of the other commodities remaining firm. Global steel prices are set to soar after yesterday’s iron ore pricing deal and this will contribute to increasing inflation and more inflation hedging buying of gold.

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