Gold soars in New York

July 27, 2013


Gold rose half a percent on Thursday as a drop in the dollar prompted investors to buy, sending bullion back to the key technical resistance level near $1,330 an ounce. “We still think there is potential for lower prices in gold because of seasonal weakness and signs of weaker jewellery demand from China,” said Erica Rannestad, analyst at commodities research and consultant CPM Group.

Spot gold fell as low as $1,308.74 an ounce in early trading but sharply recovered to $1,327.51 an ounce by 2:17 pm EDT (1817 GMT), up 0.5 percent. The gain put spot bullion at its 50-day moving average of $1,327 an ounce, Reuters data showed. US gold futures for August delivery settled up $9.30 at $1,328.80 an ounce, with trading volume about 5 percent above its 30-day average, preliminary data showed. Silver was up 0.2 percent at $20.18 an ounce. Among platinum group metals, platinum was down 18 cents at $1,442.74 an ounce and palladium dropped 1 percent to $737 an ounce. Courtesy:Reuters

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