Gold prices continued their recent resurgence on Friday with a $15.50, or 1.0%, advance to $1,590.10 per ounce

Gold prices continued their recent resurgence on Friday with a $15.50, or 1.0%, advance to $1,590.10 per ounce.  Since reaching a four and a half month low of $1,526.87 just two days ago, the spot price of gold has surged higher despite ongoing strength in the U.S. dollar.  In doing so, the gold price returned to positive territory on a year-to-date basis, by 1.7%.

Analysts at UBS wrote in a note to clients that “Yesterday, gold defied a stronger dollar, weaker equities, and another raft of negative EU headlines (to rise). It felt like the gold market of yesteryears.”  The firm went on to say that “To see a return of gold reacting positively to macro stresses is indeed refreshing, but it is still far too early to make any firm conclusions from here that gold has indeed turned the corner.  Momentum will be key, and follow-through buying will have to kick in to encourage investors to jump in.”

Nick Moore, a commodity analyst at Royal Bank of Scotland, stated on Thursday that “This is a value buy; in volatile times people go back to the charts…We have had a sharp selloff which has uncovered the value of the metal and people are seeing $1,530 as an attractive entry point for gold.”

In the currency markets, the euro fell to a multi-month low of 1.2644 against the U.S. dollar in overnight trading after Moody’s downgraded 16 Spanish banks last evening.  This followed a downgrade earlier this week of 26 Italian lending institutions by Moody’s.  However, the euro subsequently recouped its losses to trade slightly higher at 1.2708 against the dollar later this morning.


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Malaysia Gold Investment

I found Gold Investment in Malaysia is a vary good tools to make profit when the market is down. I also found that Gold Price go up and down more slower compare to share market so to make money in long term, Gold is the right tools. This blog is all about Malaysia Gold Info and the way to make profi

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