Public Bank Gold Price (13/05/09)

Gold Investment Account as at 13/05/09 12:52 PM

Selling PriceBuying Price
1 gramRM 107.1800RM 103.0100

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Gold edges up on weaker dollar, dovish U.S. Fed policy bets

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The price of gold advanced as high as $1,603.40 per ounc

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The gold price broke out to a new all-time high above $1,600 per ounce Monday morning, rising for the eleventh consecutive trading session. The price of gold advanced as high as $1,603.40 per ounce before backing off to trade just the $1,600 level. The yellow metal gained on the back of a surge in borrowing costs for Italy, the latest European nation to see its bond market come under heavy selling pressure. The lack of a deal to raise the $14.3 trillion debt ceiling also helped boost gold prices. The eleven-day rise in the gold price is the longest winning streak since January of 1980. The gold price delivered another noteworthy performance last week, climbing 3.2% on its way to a series of fresh record highs. With Monday’s advance, the gold price extended its monthly and year-to-date gains to 6.6% and 12.5%, respectively. Last week’s two-day Congressional testimony by Chairman Ben Bernanke on the economy and monetary policy revealed that the Fed remains open to the...
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Disappointing non-farm payrolls data - Gold price back to 1,600 Level

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The gold price surged higher Friday morning, by $49.77, or 3.2%, to $1,612.48 per ounce following a very disappointing report on the U.S. labor market.  The spot price of gold hovered near $1,550 in overnight trading, but turned sharply upwards following the worse than expected non-farm payrolls report for May. The May employment report showed that the U.S. economy added only 69,000 jobs, far below the 150,000 consensus estimate among economists and even less than the lowest forecast of 75,000.  Furthermore, the April non-farm payrolls figure was revised downward from 115,000 to 77,000 while the March data was cut from 154,000 to 143,000.  As for the unemployment rate, it climbed from 8.1% to 8.2%. Commenting on the jobs data and the implications for the gold price, Saxo Bank vice president Ole Hansen stated that “(The report was) very poor and confirmed the midcycle slowdown in the United States.  Whether it will be enough to change the mind of t...
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