Gold May Climb Further as China’s New Rules to Keep Demand Buoyant
Published on August 5, 2010
- Gold may advance for a seventh day, the longest winning streak in two months, because of speculation that investor demand will remain buoyant after China’s move to relax trading rules for the metal.
- Gold for immediate delivery strengthened as much as 0.2 percent to $1,197.46 an ounce before trading at $1,194.45 an ounce at 11:14 a.m. in Singapore. December-delivery futures were little changed at $1,196.70 an ounce.
- “China’s relaxing of the rules regarding gold investment will enhance demand, whilst at the same time young Indian investors are embracing gold,” said Gavin Wendt, senior resource analyst with MineLife Pty. These, coupled with concern about a global recovery, present “a perfect scenario for gold to continue its steady but inexorable climb.”
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Gold today
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|
T3 |
T2 |
T1 |
Buy Above |
CLOSE |
Sell Below |
T1 |
T2 |
T3 |
GOLD |
Oct |
18227 |
18184 |
18143 |
18089 |
18072 |
18055 |
18001 |
17960 |
17917 |
Sangeeth C -Portfolio Advisor
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