NY gold futures rise sharply after Christmas
Sunday, 28 December 2008
CHICAGO, Dec. 27 (Xinhua): Gold market in New York yesterday saw a brisk move to the upside in a post-holiday trade.
Gold futures for February delivery gained 23.20 US dollars, or 2.7 per cent, to 871.20 dollars an ounce on the New York Mercantile Exchange.
Bullish outside market influences helped gold recover from an early price dip. Crude oil futures rose more than 6 per cent in New York, as the United Arab Emirates said it would reduce output to comply with OPEC's supply curbs.
A weak dollar and ultra low Treasury yields have attracted investors to gold as a store of value, after the Fed cut prime interest rate to near zero. Chart based buying provided further support to gold as the market pushed through some critical price levels.
Gold futures for February delivery gained 23.20 US dollars, or 2.7 per cent, to 871.20 dollars an ounce on the New York Mercantile Exchange.
Bullish outside market influences helped gold recover from an early price dip. Crude oil futures rose more than 6 per cent in New York, as the United Arab Emirates said it would reduce output to comply with OPEC's supply curbs.
A weak dollar and ultra low Treasury yields have attracted investors to gold as a store of value, after the Fed cut prime interest rate to near zero. Chart based buying provided further support to gold as the market pushed through some critical price levels.