GOLD rocketed to almost US$1,570 an ounce on Friday, setting a new dollar-price record as its unabated rise was propelled by extremely low interest rates and the dollar's weakness.
With London trading shut down for the royal wedding, in afternoon New York trade gold struck US$1,569.32 an ounce before sliding back to around US$1,565. Just nine days ago it passed the once-unimagined level of US$1,500.
'Gold is again profiting from the soft US dollar and has (struck) an all-time high for the third consecutive day,' said analysts at Commerzbank.
'The fact that the rise of the gold price is largely driven by the US dollar currently is also reflected in the movements of the price in euros, ... trading nearly unchanged,' they added.
The metal has nearly doubled in price since late 2008 and has risen almost without interruption from just below US$300 in 2001.
Silver, meanwhile, pushed to US$49.17 an ounce, also a record, climbing from the US$10 level in just 30 months. Commerzbank said there were market signs that silver bullion investors were readying significant sales, 'suggesting that the price rally in silver is nearing its end'.
http://www.straitstimes.c...ory/STIStory_663088.html
With London trading shut down for the royal wedding, in afternoon New York trade gold struck US$1,569.32 an ounce before sliding back to around US$1,565. Just nine days ago it passed the once-unimagined level of US$1,500.
'Gold is again profiting from the soft US dollar and has (struck) an all-time high for the third consecutive day,' said analysts at Commerzbank.
'The fact that the rise of the gold price is largely driven by the US dollar currently is also reflected in the movements of the price in euros, ... trading nearly unchanged,' they added.
The metal has nearly doubled in price since late 2008 and has risen almost without interruption from just below US$300 in 2001.
Silver, meanwhile, pushed to US$49.17 an ounce, also a record, climbing from the US$10 level in just 30 months. Commerzbank said there were market signs that silver bullion investors were readying significant sales, 'suggesting that the price rally in silver is nearing its end'.
http://www.straitstimes.c...ory/STIStory_663088.html


