Wednesday, July 12, 2006

Gold near 5-week high, safe-haven buying supports - Yahoo! News

Gold near 5-week high, safe-haven buying supports - Yahoo! News: "Gold near 5-week high, safe-haven buying supports By Atul Prakash
Wed Jul 12, 6:15 AM ET

LONDON (Reuters) - Gold traded on Wednesday near five-week highs, supported by firm oil prices and nervousness following bomb attacks which killed more than 180 people in India's financial hub of Mumbai.

But there was no big rush to buy as the market digested the news, with focus now shifting to the currency and oil markets and U.S. data on international trade and consumer sentiment, due on Wednesday and Friday respectively.

'It was partly stimulated by the bomb attack in India, but it was also triggered by a good-looking technical picture in the market,' Alexander Zumpfe, a metals trader at Germany's Heraeus Metallhandels-Gesellschaft mbH, said about the price surge.
'Actually there is no big change in sentiment,' he said, adding that people would see price dips as buying opportunities.

Gold climbed to $643 an ounce on Tuesday, its highest since June 5, on investment buying after a series of bombs hit at least seven packed commuter trains during the rush hour in Mumbai.

Spot gold was quoted at $642.00/643.00 an ounce by 0958 GMT, against $642.10/644.10 late in New York." For the real-time N.Y. gold spot price, visit gold miner website.

Monday, July 03, 2006

Gold Price Moves Up Worldwide: "Gold Rises to Near 1-Month High; ECB May Quicken Rate Increases
July 3 (Bloomberg) -- Gold rose to the highest in almost a month in London on speculation the European Central Bank will quicken the pace of interest rate increases on concern inflation is accelerating.
Investors are increasing bets that the ECB will step up the pace of rate adjustments as faster economic growth and near-record oil prices stoke inflation. Gold had its biggest one-day gain since 2001 on June 30 after the U.S. Federal Reserve indicated it may take a break from raising rates, curbing demand for the dollar and boosting the appeal of gold.
``Expectations of a stronger euro and the Fed's less hawkish comments has weakened the dollar, boosting gold,'' said Simon Toyne, an analyst at Numis Securities Ltd. in London. ``Inflation is one of the drivers of gold in the longer term.'' View natural gold nuggets at: