COMEX Gold soars by $13.90 as dollar dips
Tuesday, 12 January 2010
SINGAPORE, Jan 11 (Commodity Online): Gold prices soared in the initial trading Monday, dismissing the prediction that the yellow metal would suffer a major correction in the coming months. Analysts forecasted that the gold might suffer heavy losses after prices broke below $1100 for a while a few days back.
US dollar tumbled sharply Monday against the major currencies, particularly against Euro. Gold, crude and other dollar dominated commodities are boosted on the fall of US dollar.
The COMEX Gold futures for February topped a one month high of $ 1163 an ounce. COMEX Gold currently trades at $1152.80 an ounce, up $13.90 per ounce from the previous close after hitting a high of $1163 per ounce.
US Dollar sank to a three week low in the Monday morning trades, sending crude prices way above $80 per barrel- a critical watershed and further gains look in the offing for the commodity now that this mark ahs been overcome with a vengeance.
The greenback continued to suffer from a dismal non-farms data Friday and fell to 1.4433 in intraday moves. Crude-oil futures climbed past $83 per barrel on Globex, bringing back the hedge against inflation fallacy to the fore yet again.
Gold prices jumped to their highest in more than a month on Monday on fund buying driven by stronger-than-expected Chinese import data, firm oil prices and a drop in the US dollar against other currencies.
US gold futures for February delivery hit an intraday high of $1,163 an ounce, its best level since December 8, before slipping to $1,154 an ounce, still $15.1 higher than the previous close.
Friday's disappointing US employment report was also seen by dealers as a bullish signal for gold. The dollar slipped Monday after posting its biggest loss in six weeks last week on disappointing US jobs data, while the Australian dollar rallied on strong exports to China.
US dollar tumbled sharply Monday against the major currencies, particularly against Euro. Gold, crude and other dollar dominated commodities are boosted on the fall of US dollar.
The COMEX Gold futures for February topped a one month high of $ 1163 an ounce. COMEX Gold currently trades at $1152.80 an ounce, up $13.90 per ounce from the previous close after hitting a high of $1163 per ounce.
US Dollar sank to a three week low in the Monday morning trades, sending crude prices way above $80 per barrel- a critical watershed and further gains look in the offing for the commodity now that this mark ahs been overcome with a vengeance.
The greenback continued to suffer from a dismal non-farms data Friday and fell to 1.4433 in intraday moves. Crude-oil futures climbed past $83 per barrel on Globex, bringing back the hedge against inflation fallacy to the fore yet again.
Gold prices jumped to their highest in more than a month on Monday on fund buying driven by stronger-than-expected Chinese import data, firm oil prices and a drop in the US dollar against other currencies.
US gold futures for February delivery hit an intraday high of $1,163 an ounce, its best level since December 8, before slipping to $1,154 an ounce, still $15.1 higher than the previous close.
Friday's disappointing US employment report was also seen by dealers as a bullish signal for gold. The dollar slipped Monday after posting its biggest loss in six weeks last week on disappointing US jobs data, while the Australian dollar rallied on strong exports to China.