Gold hit a 6 week high yesterday, capitalising on the beleaguered dollar, which hit a 7 week low against the euro. Gold, in euro terms, is still maintaining a robust showing this morning. With many analysts commenting on the likely decline of the dollar as the reserve currency, after the economic turmoil subsides, gold is still at the forefront of people looking to hedge their portfolios against systemic risk and currency meltdown.
Gold Gold continues to hold steady in the face of continuing dollar weakness. The dollar has firmed up slightly this morning, resulting in gold dipping below the $950/oz mark, a level it sustained in trading yesterday. Activity in gold ETFs has been particularly positive with the ZKB ETF reporting the 4th consecutive week of positive inflows and news that bank vaults in Switzerland are having capacity issues due to the volumes of gold and silver being stored there.
Gold is currently trading at $946.50/oz and has broken though resistance of $939 and $942 very quickly. Fresh interest in the metal as an inflationary hedge surfaced on Friday on the back of a weaker dollar and higher oil prices. The interest has continued into Asian trading overnight. Technically, as mentioned on Friday, $955/oz is the next target and a close above that would signal a very positive outlook for gold.
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