Gold Price Update

By Roger Baettig | October 17 2012 4:12 AM

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Economist Shayne Heffernan of www.livetradingnews.com takes a look at Gold trading from Asia

Gold gained for a second day,advancing alongside other commodities, before European Union leaders hold a summit this week amid opinion that Spain may accept credit from a rescue fund, weakening the dollar.

Spot gold rose as much as 0.3 % to $1,753.25 and was at $1,751.57 in Asian hours extending yesterday’s 0.6 % advance. The metal for December delivery climbed 0.4 % to $1,752.80 an ounce on the Comex. The dollar fell 0.3 % against a six-currency basket including the euro, spurring gains in oil and copper.

**Spot gold of 99.99 % purity advanced 0.5 % to 353.40 yuan a gram ($1,756.41 an ounce) on the Shanghai Gold Exchange.

Volumes rose to 4,686 kilograms yesterday, the highest in more than a week, from 4,164 kilograms on Oct. 15. Cash silver advanced as much as 0.6 % to $33.1537 an ounce, before trading at $33.0675. Spot platinum rose 0.9% to $1,657.15 an ounce, climbing for a second day.Palladium also gained for a second day, adding 0.5 % to$642.50 an ounce.

Shayne HeffernanShayne Heffernan oversees the management of funds for institutions and high net worth individuals.Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service