LONDON – Gold directions as Monday Bargain hunters ignored a weakening of risk aversion in the larger markets and stepped in to buy the metal center of the background concern about the pace of global economic repair. Gold hit a record at $ 1,251.20 last week on fears the Eurozone sovereign debt crises can spread, but trade was volatile, with prices falling to a low around $ 1,214 per ounce only two days after hitting an all-time high. “We have the odds and ends bargain hunters, private banks, investments boys are still worried, “said Afshin Nabave, head of trading on NKS Finance. “We get in the summer, so I would not be surprised if things quiet for a while, but generally as long as the economic and political situation continues I think that gold is good chance of finally breaking the $ 1,250-like setting and post for $ 1,300, “Nabave added.
A euro for short-rally, the single currency briefly its strongest in a week against the dollar. But dealers were
cautious about the sustainability of all euro’s gain from concerns about the eurozone debt problems. [USD /]
Gold trading mostly in line with the euro and against the Dollars, but this traditional relationship has recently
broken down as investors buy bullion for its perceived safe haven appeal.
PRICES
- Spot gold XAU= was at $1,232.80 an ounce at 0650 GMT compared with $1,225.40 late in New York on Friday.
- Silver XAG= was at $18.40 an ounce from $18.18.
- Platinum XPT= at $1,554.00 from $1,539.50.
- Palladium XPD= at $452.53 from $439.00.
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