Gold toys with one-month highs as demand blooms
Thursday, 12 January 2012
LONDON, Jan 11 (Reuters): Gold steadied around one-month highs Wednesday after a break above a key technical level and evidence of strong demand from major consuming nations supported the market, although a retracement in the euro pulled the price below the day's highs.
Gold has risen by 1.5 per cent this week, in line with a modest pick-up in the euro, which is battling against fresh concerns about the ability of several euro zone nations to fund themselves.
The gold price vaulted above the 200-day moving average around $1,635 an ounce Tuesday, which prior to December's sell-off had marked an important level of support, but since then has acted as stiff overhead resistance.
Gold has risen by 1.5 per cent this week, in line with a modest pick-up in the euro, which is battling against fresh concerns about the ability of several euro zone nations to fund themselves.
The gold price vaulted above the 200-day moving average around $1,635 an ounce Tuesday, which prior to December's sell-off had marked an important level of support, but since then has acted as stiff overhead resistance.