Gold inches down, but stays bullish above $800
Tuesday, 6 November 2007
TOKYO, Nov 5 (Reuters): Gold edged down Monday, but held firm above $800 an ounce due to surging oil prices, a weak dollar and more fallout from the global credit market turmoil.
Traders were focusing whether the cash price could break through the record high of $850 -- hit in January 1980 -- in the near term.
Japanese gold futures <0#JAU:> reached a fresh 23-year high, rising in line with bullish cash gold.
By 0041 GMT, spot gold was trading at $804.90/805.70 an ounce, down from $807.70/808.50 in late New York Friday.
The benchmark October 2008 contract on the Tokyo Commodity Exchange <0#JAU:> hit a fresh 23-year high of 2,997 yen a gram, up 60 yen or 2 per cent from Friday's close.
COMEX gold futures edged down in Asia after jumping in New York Friday. The most active December contract was trading at $807.5, down $1.0 or 0.1 per cent from the New York settlement Friday.
On Friday, gold futures in New York surged above $810 on inflation fears sparked by a combination of surging crude oil prices and a record low dollar following a surprisingly strong U.S. jobs report.
U.S. employers added a surprisingly strong 166,000 new non-farm jobs in October, well ahead of forecasts in an early sign that consumer incomes may be better supported than thought heading into the fourth quarter, according to a government report.
Traders were focusing whether the cash price could break through the record high of $850 -- hit in January 1980 -- in the near term.
Japanese gold futures <0#JAU:> reached a fresh 23-year high, rising in line with bullish cash gold.
By 0041 GMT, spot gold
The benchmark October 2008 contract on the Tokyo Commodity Exchange <0#JAU:> hit a fresh 23-year high of 2,997 yen a gram, up 60 yen or 2 per cent from Friday's close.
COMEX gold futures edged down in Asia after jumping in New York Friday. The most active December contract
On Friday, gold futures in New York surged above $810 on inflation fears sparked by a combination of surging crude oil prices and a record low dollar following a surprisingly strong U.S. jobs report.
U.S. employers added a surprisingly strong 166,000 new non-farm jobs in October, well ahead of forecasts in an early sign that consumer incomes may be better supported than thought heading into the fourth quarter, according to a government report.