Last Updated : 28 September 2012 at 19:05 IST
Sparkle in Gold is not just a weak Dollar story: Sharps Pixley
Source :Commodity Online
The bullion dealer notes gold is on the way to a roughly 11% rise in the third quarter in dollar terms.
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NEW YORK (Commodity Online): The recent sparkle in gold is not just a weak dollar story,"said Sharps Pixley in a commodity research note.
According to Sharps Pixley, the bullion dealer notes gold is on the way to a roughly 11% rise in the third quarter in dollar terms, although it remains around 7.5% below its all-time record hit slightly more than a year ago.
However, gold prices have recently peaked in Indian rupee, euro and Swiss franc terms, indicating monetary stimulus particularly benefits gold and this is not just a weak dollar story, they added.
Gold in euro terms hit a record high of 1,380 euros Thursday, says TD Securities in a research note.
Global gold prices are trading near steady in early US dealings on Friday, as the market pauses following Thursday’s strong gains.
The gold and silver bulls remain in a strong technical posture. The key outside markets—crude oil and the US dollar index--are also trading not far from unchanged price levels on the Friday morning.
December gold last traded down $0.90 at $1,779.70 an ounce on the Comex division of the New York Mercantile Exchange. Spot gold was last quoted down $0.10 an ounce at $1,778.00. December Comex silver last traded up $0.019 at $34.685 an ounce.
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