Gold flirted with and around UD$1,000 oz for more than a month, and yesterday Gold futures on the COMEX Division of the New York Mercantile Exchange rallied to a record high Tuesday, as the USD headed South to a 1 yr low on a Bearish report. The price for the most active Gold contract (December delivery) soared US$21.90, or 2.2%, to close the session at US$1039.70 oz. after taping US$1,045 shortly before the close, topping the overhead resistance of US$1,033.90 made in March 2008. After the Istanbul G-7 meeting failed to give enough support to a weak USD, the greenback headed due South Tuesday. It was reported in Great Britain that Crude Oil exporting countries in the Middle East plus some big energy consumers are considering ending the benchmark US$ in global Crude Oil trading replacing it with a basket of currencies, including the Japanese yen, Chinese Yuan, the Euro and Gold. Read more
Popularity: unranked [?]
