Last Updated : 06 October 2012 at 13:35 IST
Gold aims for $1800 levels this week as China returns
Source :Commodity Online
Gold will rise above the $1,800 area, citing upward momentum and China’s return to the markets after last week’s holiday, which might spur additional buying
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NEW YORK (Commodity Online): Global gold prices may try to reach $1,800 an ounce this week with Chinese market participants returning from a week-long holiday. This is after the yellow metal missing its chance to break $1,800 an ounce level this week.
Global gold prices were down on Friday and mixed last week. The most-active December gold contract on the Comex division of the New York Mercantile Exchange settled $1,780.80 an ounce, up 0.39% on the week.
The Comex December futures peaked at $1,798.10 an ounce on Thursday last week, their strongest level since Feb. 29. Spot gold has been as high as $1,795.90, its strongest level since last November.
Comex gold dropped just shy of hitting the $1,800 an ounce mark last week, as profit-taking set in following an as-expected September U.S. employment report.
Dan Pavilonis, Senior commodities brokers with RJO Futures said, “Gold was a bit whipsawed by the jobs data, but looking toward this week, gold will rise above the $1,800 area, citing upward momentum and China’s return to the markets after this week’s holiday, which might spur additional buying.”
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