The price of gold crosses the $1,900 an ounce mark for the first time on growing concerns about a slowdown in the global economy.
Demand for gold jewellery will help underpin the price of the precious metal for the rest of 2010, according to the World Gold Council (WGC). The price of gold has soared during the recession as investors sought a safe haven as shares and other assets fell.
The ratio of gold to silver dropped to a three-week low after gold’s rally to the highest level in eight weeks prompted some investors to buy the white metal.
As gold nears ,300 an ounce, 'Gold to go' unveils its first gold dispensing ATM in Europe at Madrid's Westin Palace Hotel.
Rio Tinto Group, the world’s third- largest mining company, said third-quarter iron ore output rose to a record, driving its Sydney-traded shares to a two-year high.
HSBC Holdings Plc and JPMorgan Chase & Co. were accused in an investor’s lawsuit of placing “spoof” trading orders to manipulate silver futures and options prices in violation of U.S. antitrust law.
Copper dropped from Shanghai to New York and declined from a record in London as some investors sold the metal to lock-in gains following its climb to an all-time high. Zinc, lead and nickel also dropped.
On Friday silver closed in complete backwardation on the Comex. "I believe this is the first time in history that the entire futures structure is in backwardation", says Adrian Douglas of Resource Inevstor.
The fundamentals for the gold markets are extraordinarily strong and consensus is that the gold price could be about $1 500 (R10 808) an ounce by year end, according to World Gold Council (WGC) chief executive Aram Shishmanian. But analysts say gold is in a decline and as bond yields in the US pick up for the first time in some years, investors are moving out of bullion into other asset classes, which depresses the gold price.
TOKYO (Reuters) - Gold rose to a seven-week high on Monday as spreading unrest in the Middle East underscored its appeal as a safe-haven asset, while silver and palladium prices hit historic highs on expectations
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