Gold rises as dollar weakens
Wednesday, 31 March 2010
NEW YORK, MAR 30 (MarketWatch): Gold futures rose Monday on dollar weakness, improved market sentiment, and expectations that Chinese demand for gold could double in the next 10 years.
Gold for June delivery, the most actively traded contract, settled $6.10 higher, or 0.5pc, at $1,111.50 an ounce by the close of floor trading in New York.
The shortened trading week leading up to Good Friday and Easter opened with commodities moving broadly higher as investors embraced prospects that a worldwide economic recovery is on track.
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At least 37 people dead following explosions at two central metro stations in Moscow. Video Courtesy of Reuters.
Also Monday, industry group The World Gold Council released a report saying China's appetite for gold could double in the next decade, on rising jewelry and investment demand.
Demand for gold in China reached 423 metric tons, or 466 short tons, last year, but domestic mines contributed only 314 metric tons, or 346 short tons. This shortfall creates a "snowball" effect as China's gold industry has to rely on imports, the World Gold Council said.
The likelihood of growing demand and the country's reliance on imports "should support the gold price in the long term," analysts at Commerzbank said.
Gold for June delivery, the most actively traded contract, settled $6.10 higher, or 0.5pc, at $1,111.50 an ounce by the close of floor trading in New York.
The shortened trading week leading up to Good Friday and Easter opened with commodities moving broadly higher as investors embraced prospects that a worldwide economic recovery is on track.
The version of Adobe Flash Player required to view this interactive has not been found.
To enjoy our complete interactive experience, please download a free copy of the latest version of Adobe Flash Player here.
At least 37 people dead following explosions at two central metro stations in Moscow. Video Courtesy of Reuters.
Also Monday, industry group The World Gold Council released a report saying China's appetite for gold could double in the next decade, on rising jewelry and investment demand.
Demand for gold in China reached 423 metric tons, or 466 short tons, last year, but domestic mines contributed only 314 metric tons, or 346 short tons. This shortfall creates a "snowball" effect as China's gold industry has to rely on imports, the World Gold Council said.
The likelihood of growing demand and the country's reliance on imports "should support the gold price in the long term," analysts at Commerzbank said.