Gold closed above the $1,100 level an ounce for the first time. With the US Dollar Index highlighting greenback weakness, investors continue to push the price higher. The announcement last week that US Interest rates are to remain low for an extended period has helped keep the price buoyant.
Gold & Silver
- Gold has risen over 25% in the year to date
- Esteemed Merrill Lynch analyst Francesco Blanche has reiterated his forecast that gold will hit $1,500 within 18 months
- Another busy week on the economics front sees Euro zone GDP and US trade balance figures released on Friday.
At this week’s London Bullion Market Association conference in Edinburgh. A poll of attendees forecast an average gold price of $1,181 for Sep 2010.