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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.

Full article here [1]

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URLs in this post:

[1] London Telegraph: http://www.telegraph.co.uk/finance/personalfinance/investing/gold/6271566/Gold-hits-new-record-high-for-third-day.html

[2] Image: http://prisonplanet.tv/signup.html

[3] Gold Hits Record High Above $1320: http://www.prisonplanet.com/gold-hits-record-high-above-1320.html

[4] Gold Hits Record High as Global Economic Uncertainty Continues: http://www.prisonplanet.com/gold-hits-record-high-as-global-economic-uncertainty-continues.html

[5] US gold hits record high $1,081.70/oz on IMF sale: http://www.prisonplanet.com/us-gold-hits-record-high-1081-70oz-on-imf-sale.html

[6] PRECIOUS-Gold hits record high as dollar slides: http://www.prisonplanet.com/precious-gold-hits-record-high-as-dollar-slides.html

[7] Inflation Fears May Drive Gold to Record High: http://www.prisonplanet.com/inflation-fears-may-drive-gold-to-record-high.html

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