Wednesday, August 5, 2009

Gold rises again as dollar continues slide

The Daily Gold Market Report
Ed Stein
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Evening Market Report
Gold rises again as dollar continues slide

The COMEX December gold futures contract closed up $3.00 Monday at $958.80, trading between $954.30 and $966.90

August 3 p.m. excerpts:
(from Marketwatch
) --
Gold futures rose as upbeat global economic data pressured the U.S. dollar to its lowest levels of the year, boosting gold's investment appeal. The dollar index, which gauges the value of the greenback against its major rivals, dropped as low as 77.451. Also pushing gold higher, oil futures rose 2% to a seven-week high, raising gold's appeal as a hedge against potential inflation...more

(from Reuters
) --
Bullion was also boosted by inflation worries stirred by a sharp rise in the U.S. stock market. The S&P 500 index rose above the 1,000 level for the first time in nine months as investors welcomed fresh indications that the recession is abating. The dollar fell broadly as a rally in stocks and encouraging economic data eroded the greenback's safe-haven appeal...more

(from Bloomberg
) --
The U.S. Dollar Index slid as much as 1.1 percent to a 2009 low as gains in manufacturing in the U.S., China and the U.K. reduced demand for a haven. The weakening dollar and "positive economic sentiment" make a bullish case for gold, David Wilson and Stephanie Aymes, Societe Generale analysts, said today in a note. Gold futures for December delivery climbed 0.3 percent to $958.80 on the Comex, after earlier touching $966.90, the highest for a most-active contract since June 5...more

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