Gold price scored the highest record in the history, with a same trigger: the worsening debt crisis in Europe and the possibility of default of the U.S.
In trading Thursday (14/07/2011), in the spot market price of gold touches the highest record at U.S. $ 1,594.16 /ounce, before it finally closed up 0.3% to as low as U.S. $ 1,586.11 /ounce.
The price of gold futures for delivery in August also closed up 3.80 dollars to U.S. $ 1,589.30/ounce, and traded in the range $ 1579.40 to 1594.90 per ounce. Gold price today buy: $1,586 sell $1,582
Gold price in Asian markets yesterday also had surged to its highest point at U.S. $ 1,590 per ounce. Highest previous record price of gold is U.S. $ 1575.79 per ounce printed last May 2.
In nine consecutive days, gold price continues to rise up to the longest rally record since October 2006. Gold prices have gone up to 7% in the period. Now analysts expect gold price continues to rise, even at U.S. $ 2,000 per ounce.
Gold prices surge to near the level of U.S. $ 1,600 that occurred after the U.S. dollar turned around after weakening sharply, responding to a statement the U.S. central bank governor Ben Bernanke about the economic stimulus.
Bernanke said in a statement in front of the U.S. Congress distorting earlier statement about the possibility of a stimulus disbursement of the third stage. As Bernanke said the possibility of the central bank to inject funds if the U.S. economy is deteriorating, but he confirmed the time yet to come.
Tom Fitzpatrick, head of strategic technical CitiFX said that gold prices will print a record of U.S. $ 1,700-US $ 1,750 per ounce in 2 or 3 months ahead based on the momentum and the previous rally.
Meanwhile, Michael Pento, senior economist of Euro Pacific Capital Inc. estimates that the price of gold will break $ 2,000 per ounce if the Federal Reserve would begin a third round of stimulus 'Quantitative Easing 3'.
Based on Gold price history, People will be encouraged to buy gold.
No comments:
Post a Comment