NEW YORK (Reuters) - Gold futures ended slightly higher on Friday, losing some of their initial
upward momentum based on a broadly weaker dollar, and the metal could continue to be
rangebound because of weakened investment demand.
The price of gold has largely moved in a broad range between $920 and $940 this week, as the
combination of the resurgent dollar and easing inflation worries put a damper on bullion's rise.
Analysts said that the recent encouraging U.S. data had hampered gold's rise, as the danger of
fresh crises in financial markets appeared less imminent.
"One of the reasons gold has been bought has been as an insurance premium against inflation, or
against systemic risk from another camp of investors," said Peter Fertig, an analyst with
Quantitative Commodity Research. "At least for the latter group, their need to hold gold has
clearly been reduced."
Source: http://www.reuters.com/article/hotStocksNews/idUSTRE55P1EK20090626
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