Gold Taps All Time High vs. Euro (GLD) (IAU)
Tweet
Share
E-mail
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Crude Inventory Rose 3 Million Barrels Last Week - EIA
- Oil prices settle lower on hopes for smoother shipping in Strait of Hormuz
- Oil jumps after settlement as US revokes general license for Iran oil sales
Create E-mail Alert Related Categories
Commodities, ETFsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
