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Gold vaults $1,000/oz, momentum overwhelms

Posted By admin On September 8, 2009 @ 3:26 am In Money Watch | Comments Disabled

Humeyra Pamuk and Veronica Brown
Reuters [1]
Tuesday, Sept 8th, 2009

Gold powered through the $1,000 per ounce psychological barrier on Tuesday, carried by a wave of pent-up technical momentum and dollar weakness, with some analysts eyeing last year’s record high at $1,030.80.

Some investors were also seeing gold as a caveat to stock market bullishness as they fret about the result of central banks and governments pumping billions of dollars into banking systems to boost growth.

Spot gold XAU= rose as high as $1,007.45 an ounce, its highest since March 2008, when bullion touched a record high at $1,030.80 an ounce.

t was trading at $1,003.20 an ounce by 0913 GMT versus $993.85 an ounce late in New York on Monday. U.S. gold futures for December delivery GCZ9 rose to $1,009.4 an ounce, before easing to $1,005.4 an ounce versus Friday’s $996.70 an ounce.

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