Gold continued its rally above the closely watched $1000.00 level hitting an intraday high of $1020.57/oz and appears to be firmly on course to challenge its all time peak at $1032.40/oz. The move was supported by a fast declining US dollar after another set of economic data, US manufacturing showed yet again signs of improvement. However along the recovery, markets are also betting on higher prices and gold as an inflation hedge remains in a favourable position. Following gold, silver gained as well breaking and closing above the $17.000 mark for the first time since August 2008. In anticipation of an economic recovery the participants also expect a growing demand for silver.
Gold & Silver