06:30 PM (MSK). Gold price hit a three-month low...
2010-02-08 13:24 |
Friday spot gold price hit a three-month low – $1,044.55 a troy ounce – due to the rise of dollar, risk aversion and worries about EU debt problems.
Monday began with the rebound – spot gold price increased by 0.41% from Friday’s close price and was equal to $1,070.70 a troy ounce. Such recovery is connected by the weakness of dollar. According to Michael Kempinski, a precious metals trader at Commerzbank in Luxembourg, gold price will continue its growth.
Never the less, debt problems in Europe are still a matter of great concern. As dollar still seems safer than euro gold can start to lose again. This is also supported by technical analysis.
Spot silver went up by 0.5% to $15.22 an ounce. Spot platinum gain 0.4% to $1,485.50 an ounce, while spot palladium lost 0.5% and became $400 an ounce.
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