Gold Taps All Time High vs. Euro (GLD) (IAU)
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Gold hit a new, all time high vs. Euro today, days after renewed protests in Spain and Greece hurt investor confidence. In dollar terms, gold traded flat at $1775 per ounce but remains near 2012 highs.
For the week, popular gold ETFs SPDR Gold Shares (NYSE: GLD) and iShares Gold Trust (NYSE: IAU) showed gains of just over a half percent as concerns about the health of the global economy and fears of currency debasement and inflation continue to support prices.
Gold importers in India, the world's biggest consumer, stepped up purchases in small quantities ahead of major festivals. Consumers in India cut back on gold purchases earlier this year, in part due to an increase in prices caused by a decline in the value of the rupee vs. US dollar. As those trends reverse, consumers are back to their old way, albeit at a more modest pace.
While the trend in gold remains positive, traders say the metal could face resistance as it nears $1790 to $1800 per ounce. The commodity faced fierce resistance at this level in November of last year and again this past February.
For the week, popular gold ETFs SPDR Gold Shares (NYSE: GLD) and iShares Gold Trust (NYSE: IAU) showed gains of just over a half percent as concerns about the health of the global economy and fears of currency debasement and inflation continue to support prices.
Gold importers in India, the world's biggest consumer, stepped up purchases in small quantities ahead of major festivals. Consumers in India cut back on gold purchases earlier this year, in part due to an increase in prices caused by a decline in the value of the rupee vs. US dollar. As those trends reverse, consumers are back to their old way, albeit at a more modest pace.
While the trend in gold remains positive, traders say the metal could face resistance as it nears $1790 to $1800 per ounce. The commodity faced fierce resistance at this level in November of last year and again this past February.
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