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Gold Rebounds as Decline Below $800 Spurs Buyers; Silver Gains

Posted By admin On October 20, 2008 @ 12:00 pm In Money Watch | Comments Disabled

Pham-Duy Nguyen
Bloomberg [1]
Monday, Oct 20, 2008

Gold rose after the lowest price in more than a month attracted investors. Silver also gained.

Gold dropped 8.3 percent last week, touching $772.20 an ounce, the lowest price since Sept. 15. UBS AG said gold will trade at $800 in one and three months, compared with previous forecasts of $925 and $975.

“After the recent declines, gold has found some support from Indian physical demand,” said John Reade, a UBS metals strategist in London. “Other Asian demand has picked up, too. Although safe-haven buying of gold continues at a good pace, this buying is insufficient to counter financial flows.”

(Article continues below)

Gold Rebounds as Decline Below $800 Spurs Buyers; Silver Gains  161008pptv1 [2]

Gold futures for December delivery rose $9.80, or 1.2 percent, to $797.50 an ounce at 9:06 a.m. on the Comex division of the New York Mercantile Exchange. The metal reached a record $1,033.90 on March 17.

Silver futures for December delivery climbed 22.5 cents, or 2.4 percent, to $9.56 an ounce. The price dropped 12 percent last week.

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URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/apps/news?pid=20601012&sid=a8rfkFW5nTok&refer=commodities

[2] Image: http://www.prisonplanet.tv/subscribe.html

[3] Gold Rebounds After Biggest Three-Day Decline Since 2008 Spurs Purchases: http://www.prisonplanet.com/gold-rebounds-after-biggest-three-day-decline-since-2008-spurs-purchases.html

[4] Gold Gains as Dollar Weakens on Fed; Silver Reaches 30-Year High: http://www.prisonplanet.com/gold-gains-as-dollar-weakens-on-fed-silver-reaches-30-year-high.html

[5] Gold Gains on Middle East Unrest, Inflation; Silver Advances: http://www.prisonplanet.com/gold-gains-on-middle-east-unrest-inflation-silver-advances.html

[6] Gold Climbs to One-Week High as Dollar Declines; Platinum Gains: http://www.prisonplanet.com/gold-climbs-to-one-week-high-as-dollar-declines-platinum-gains.html

[7] Gold May Advance Toward $1,000 as Weakening Dollar Spurs Demand: http://www.prisonplanet.com/gold-may-advance-toward-1000-as-weakening-dollar-spurs-demand.html

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