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Gold firms as the white metals go from strength to strength.
Author - Graham Couzens
Gold firms above the $1300.0 level and demand for Platinum and Palladium sends both metals to the highest prices seen for 18 months.
After several weeks where gold has traded in a tight range the last few days has seen good buying interest which has boosted the price over the $1130.0 per ozt level.
One major factor in this price rise is the high level of gold purchased from India ahead of the wedding season. India accounts for approx 20% of the world’s physical demand for gold and the recent strength of the rupee has assisted sales.
It is also significant that gold in Euro terms has hit a record high. The drop in the value of the euro against the dollar was heightened yesterday when there were rumours that Greece wanted to re negotiate the recent deal between the EU and the IMF.
Largely unnoticed however has been the rise in the price of Platinum and Palladium. During the last week there has been good buying of both metals as both reports from Japan and South America indicate that car production is due to increase significantly on last years levels.
Palladium has reached a 2 year high and Platinum a 20 month high. Even Rhodium has begun to see good price gains as the demand for physical metal increases.
Most of these rises are based on the worlds economies recovering during the next year but apart from China and India most economies are still in a very fragile state and prices could reverse if the forecast recovery fails to materialise.
Published in : Gold
on Wednesday, April 07, 2010
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