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Gold rises near 4-month high

Posted By admin On July 14, 2008 @ 4:50 am In Money Watch | Comments Disabled

Lewa Pardomuan
Reuters [1]
Monday, July 14, 2008

Gold extended gains on Monday, hovering near its highest level in almost four months hit last week, and record high exchange-traded fund holdings suggested flight-to-safety buying was gaining pace.

Gold rose to $965.00/966.00 an ounce from $963.00/965.00 late in New York on Friday when it jumped as high as $967.60, its strongest since March 19, as record high oil and falling U.S. equities sparked buying from investors.

Gold was still below a lifetime high of $1,030.80 hit in March. Silver held near its highest level in four months, while platinum matched last week’s one-week high.

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“A retest of the record high is very possible now,” said Adrian Koh, analyst at Philip Futures in Singapore.

Bullion held by SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, jumped to historic highs of 705.90 tonnes, surpassing a previous record around 663 tonnes in March.

“Its definitely very positive for gold now. I guess the break above the $950-$955 region triggered buying and that can be seen in the sharp increase in ETF holdings,” said Koh.

Full article here [1]

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URLs in this post:

[1] Reuters: http://www.reuters.com/article/hotStocksNews/idUSSP32255320080714

[2] Gold Jumps to 7-Month High as Investors Seek to Preserve Wealth: http://www.prisonplanet.com/gold-jumps-to-7-month-high-as-investors-seek-to-preserve-wealth.html

[3] Gold Rises to 18-Month High on Inflation Concern, Weaker Dollar: http://www.prisonplanet.com/gold-rises-to-18-month-high-on-inflation-concern-weaker-dollar.html

[4] Gold rises to three-month high as weaker dollar spurs demand: http://www.prisonplanet.com/gold-rises-to-three-month-high-as-weaker-dollar-spurs-demand.html

[5] Gold Rises To Record Sterling High: http://www.prisonplanet.com/gold-rises-to-record-sterling-high.html

[6] Gold fund’s holdings jump on rush to bullion safety: http://www.prisonplanet.com/gold-fund%e2%80%99s-holdings-jump-on-rush-to-bullion-safety.html

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