The Wall Street Journal
LONDON--Spot gold climbed back above $1,100 a troy ounce on the last trading day of the year Thursday, getting help from a weaker dollar and rising crude oil prices.
Gold will finish the year on a steadier footing after its steep tumble earlier in December, having bounced 5% since bottoming at a seven-week low Dec. 22. Its recovery will bring gold to a gain of 26% for all of 2009.
Spot gold was trading at $1,103.95 an ounce, up 1% on the day. Gold's recent recovery since tumbling over 12% in the first weeks of December has been accompanied by a modest rebound in the euro against the dollar, and a steep rally in crude oil prices.
Gold will finish the year on a steadier footing after its steep tumble earlier in December, having bounced 5% since bottoming at a seven-week low Dec. 22. Its recovery will bring gold to a gain of 26% for all of 2009.
Spot gold was trading at $1,103.95 an ounce, up 1% on the day. Gold's recent recovery since tumbling over 12% in the first weeks of December has been accompanied by a modest rebound in the euro against the dollar, and a steep rally in crude oil prices.
Its recovery will bring gold to a gain of 26% for all of 2009.
"I think the story of instability in the Middle East has pushed the price of oil higher, which translates to higher gold prices," said Afshin Nabavi, head of trading and physical sales at Swiss bullion trader MKS Finance.
While gold has regained a steadier footing, its direction at the start of 2010 will largely depend on whether or not the dollar will further strengthen.
But for the last trading day of the year, volumes will likely remain thin and volatility low.
"It's the last day of the year, I don't think a lot of people want to get fresh involvement," said Nabavi. At such a high price, now may actually be the time to trade gold for cash, rather than seeking gold as an investment.
In other precious metals, spot silver was 1.5% higher at $17.037 an ounce, spot platinum rose 0.6% to $1,460 an ounce and spot palladium was up 3% at $402 an ounce.
Palladium will end the year with the most upwards momentum. The metal has gained 15% since bottoming at a five-week low Dec. 22, the same day gold hit its bottom.
While gold has regained a steadier footing, its direction at the start of 2010 will largely depend on whether or not the dollar will further strengthen.
But for the last trading day of the year, volumes will likely remain thin and volatility low.
"It's the last day of the year, I don't think a lot of people want to get fresh involvement," said Nabavi. At such a high price, now may actually be the time to trade gold for cash, rather than seeking gold as an investment.
In other precious metals, spot silver was 1.5% higher at $17.037 an ounce, spot platinum rose 0.6% to $1,460 an ounce and spot palladium was up 3% at $402 an ounce.
Palladium will end the year with the most upwards momentum. The metal has gained 15% since bottoming at a five-week low Dec. 22, the same day gold hit its bottom.
13 comments:
I like the picture that you posted, I have been always mesmerized by the sight of gold.Those gold bars are dazzling, I would love to own another gold watch.
Shinkumi
Hey its really nice
Thanks for sharing this
Jyxpearl is a reliable supplier of China Jewelry, red coral necklace, China Jewelry Wholesale
Interesting to see how this article was able to predict 2010. Gold is a solid safe investment and will remain safe and provide a good return over the next few years I would expect.
From Engagement Rings
Now gold is so expensive that before buying we have think twice........
How to Plan a Wedding
And gold keeps on going up!
Diamond Manufacturers
thanks for sharing.. this is really informative... i also want to share this info: http://www.brilliance.com/4cs-of-diamonds-infograph . Brilliance.com came up with this idea/infographic that explains the important characteristics of diamond. hope this also help your readers.
Yes I like gold jewelry very but it 's price is going up so much that it become impossible. :(
wonderful work and beautiful products for another very worthwhile charity!!! you angels keep rockin'!!!
jewelry stores boise
We have had some trouble getting customers to understand our prices are low because the rings we sell were when gold was half that price and cannot be duplicated at the same price http://www.citadeldiamondgroup.com/
Very good post, informative and thorough.
Banquet Halls in San Fernando Valley
Wedding Jewellery - Shoppers Paradise offers exclusive jewelry accessories available at reasonable prices. We also guarantee that our items are in superb condition when delivered.
I live in Madagascar ( East Africa),and life is worth living comfortably for me and my family now and really have never seen goodness shown to me this much in my life as I have been going through a problem as seriously as my son found a terrible accident last two weeks, and the doctors states that he needs to undergo a delicate surgery for him to be able to walk again and I could not pay the bills, then your surgery went to the bank to borrow and reject me saying that I have no credit card, from there i run to my father and he was not able to help, then when I was browsing through yahoo answers and i came across a loan lender Mr, Benjamin Breil Lee, offering loans at affordable interest rate I had no choice but to give it an attempt and surprisingly it was all like a dream, I got a loan of $ 110,000.00 to paid for my son surgery then get myself a comfortable business to help me going as well. I thank God today is good and you can walk and is working and the burden is longer so much on me more and we can feed well and my family is happy today and i said to myself that I will mourn aloud in the world of the wonders of God to me through this God fearing lender Mr Benjamin Breil Lee and I would advise anyone in genuine and serious need of loan to contact this God-fearing man on lfdsloans@lemeridianfds.com ...... lfdsloans@outlook.com through .. and I want you all to pray for this man for me or Chat with him on whatsapp +1-989-394-3740 as well.
Thank you
Very good article. I really like jewelry. I have a number of jewelry collections that I really like, usually I will use it on special days. Caring for jewelry is not easy, we also have to take care of this jewelry from rusting.
Engagement rings Dallas
engagement rings dallas texas
Post a Comment