BULLION MORNING

Gold Climbs Back Above $800 an Ounce

RTT News

(RTTNews) - After falling sharply last week, the price of gold regained some ground over the course of the trading session on Monday. The price increase came as traders did some bargain hunting amid a decrease in the value of the U.S. dollar.

While ending the session off its best level of the day, gold for December delivery closed up $13.60 at $805.70 an ounce after falling more than $70 an ounce last week to a multi-month closing low of $792.10 an ounce.
Bargain hunting contributed to the increase by the price of gold, with some traders moving their money out of the U.S. dollar and into the precious metal. The dollar is giving back some ground after moving sharply higher in recent sessions.

Despite the price increase, the price of gold remains well off its recent highs set in mid-July and is down more than $200 from its record high of $1,033.90 an ounce set on March 17.
The U.S. dollar index has risen more than 7 percent since mid-July, making gold more expensive for foreign investors.

However, it is worth noting that the dollar's recent strength is due more to indications of weak economic conditions in other countries rather than a notable improvement in the economic situation in the U.S.
Some economists have also pointed out that the recent strength in the value of the U.S. dollar could lead to a reduction in demand for U.S. exports, which has been a key driver of economic growth in the past two quarters.

http://www.rttnews.com/
editorial@rttnews.com

These articles are provided for informational purposes only and were obtained from publicity available sources on the Internet. These articles do not constitute financial advise or trading recommendations by Global Asset Management ("Global"). Global neither warrants the accuracy or completeness of the information contained in these articles, undertakes to update them, nor is it responsible for any omission or error contained in these articles. Viewers are encouraged to conduct, and should only rely on, their own independent research.
The purchase or sale of precious metals involves substantial risk and volatility. If you are contemplating purchasing and/or selling precious metals, you should consult with an independent financial advisor to learn about the inherent risks. Global does not render, and nothing in this website should be construed as, financial advise, a trading recommendations or a solicitation for the purchase or sale of precious metals.
 
 

Daily Chart : Gold

Daily Chart : Silver

Daily Chart : Platinum

Daily Chart : Palladium

 
 
 

Copyright © 1996-2010 Global Asset Management. All rights reserved.

2425 Hollywood Blvd. Suite 100. Hollywood, Florida 33020 :: info@globalam.net

phone: 954.921.1021 :: fax: 954.921.1536 :: toll free: 1.888.421.1021