Gold rebounds above $1360 as dollar dips
Tuesday, 23 November 2010
SINGAPORE, Nov 22 (Commodity Online): Gold followed oil in the path of recovery at the start of this week as a possible Irish bailout pack weakened the dollar.
Spot gold was seen trading at $1360.14 an ounce at 12.30 pm Singapore time while gold futures for December delivery was at $1,359.30 an ounce on the Comex in New York.
Analysts said the precious yellow metal is likely to move further up during the day as it already comes out of last week's China impact. Last week, China's steps to rein in inflation dented gold prices.
Meanwhile, silver also climbed to the highest level in more than a week. Silver for immediate delivery rose as much as 1.8 per cent to $27.8150 an ounce, the highest level since Nov 11, and last traded at $27.5788 an ounce.
Platinum for immediate delivery gained 0.6 per cent to $1,673.75 an ounce and spot palladium gained 0.8 per cent to $708.25 an ounce.
The euro rose for a fourth day as European Union finance ministers said the deal will create a capital fund for Ireland's banks and may end up restructuring the financial industry.
The greenback also dropped against a basket of six major counterparts including the euro and the yen. Gold typically moves inversely to the dollar.
Spot gold was seen trading at $1360.14 an ounce at 12.30 pm Singapore time while gold futures for December delivery was at $1,359.30 an ounce on the Comex in New York.
Analysts said the precious yellow metal is likely to move further up during the day as it already comes out of last week's China impact. Last week, China's steps to rein in inflation dented gold prices.
Meanwhile, silver also climbed to the highest level in more than a week. Silver for immediate delivery rose as much as 1.8 per cent to $27.8150 an ounce, the highest level since Nov 11, and last traded at $27.5788 an ounce.
Platinum for immediate delivery gained 0.6 per cent to $1,673.75 an ounce and spot palladium gained 0.8 per cent to $708.25 an ounce.
The euro rose for a fourth day as European Union finance ministers said the deal will create a capital fund for Ireland's banks and may end up restructuring the financial industry.
The greenback also dropped against a basket of six major counterparts including the euro and the yen. Gold typically moves inversely to the dollar.