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Gold hits new record high for third day

Posted By admin On October 8, 2009 @ 3:52 am In Money Watch | Comments Disabled

London Telegraph [1]
Thursday, Oct 8th, 2009

Gold hit new record highs for a third day on Thursday, as funds move in.

The spot price, which closed at $1,044 an ounce on Wednesday, rose above $1,055, helped by dollar weakness.

“It’s pretty much all a fund and investor driven rally,” said Michael Kempinski, a trader at Commerzbank, told Reuters. “Those guys like to buy at the highs and have the power to push it through.”

He said gold prices could hit $1,100 an ounce as private investors moved following the increased interest.

Using technical analysis, Barclays Capital predicted on Wednesday that the gold price could rise as high as $1,500/oz. The bank is targeting $1,050/oz initially, followed by $1,120/oz. It advised holding long positions in the precious metal.

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