Gold closes higher, gains 2.4% on the week

BY

Gold futures posted modest gains Friday as a report of a slowdown in second-quarter GDP growth triggered a fall in the dollar.

Gold for August delivery settled up $2.30 at $634.80 on the New York Mercantile Exchange, a gain of 2.4% on the week.

The overall bias in the market for the time being remains a bit negative, as evidence continues to point to a softer jewelry market in the wake of the spectacular rises in gold prices achieved .

On the currency markets, the dollar dropped to a more than two-week low versus the yen and was also sharply lower against other major currencies Friday in response to the slowdown in GDP growth, which reinforced expectations that the monetary tightening campaign of the Federal Reserve is approaching its end. GDP grew at a real 2.5% annual rate in the second quarter after a torrid 5.6% pace in the first quarter. Economists expected a reading of 3.0%.

With today's action putting the dollar in significantly oversold territory, there's a pretty good chance of a turnaround in the dollar near-term,  If this occurs, it will most likely put pressure on the metals complex, the metals will probably move further downward before they are able to mount a sustainable rally.

The United States and Britain have come under pressure because of their opposition to an immediate cease-fire. Bush and Blair again insisted on Friday that root cause of the violence -- the domination of southern Lebanon by Hezbollah -- has to be resolved before a cease-fire can be enforced.

In a separate development, the U.S. State Department said it was "outrageous" for Israel to suggest that the world has authorized it to continue its military strikes against Lebanon. On Thursday, Israel's justice minister said that the failure of the Rome international crisis conference to reach agreement on a cease-fire was interpreted by Israel as a "permission from the world" to carry on its attacks against Hezbollah.

A fresh supply of contradictory statements and warnings surrounding the Middle East crisis continue to keep traders confused as well as nervous.

On the supply side, gold inventories were flat at 8.1 million troy ounces as of late Thursday, according to Nymex data. Silver supplies fell by 1.26 million troy ounces to 100.6 million, while copper supplies were flat at 6,767 short tons.

801GUEST

别人家的,中国人说中国话

BY

Guest  在 2006-7-30 14:06 發表:

别人家的,中国人说中国话

To: Guest #2 ( 2006-7-30 14:06 )  


Nothing to do with you if you don't like it.  This is an open forum not your own house.  So why don't you keep quiet if you don't want to read.  Other friends may be interested.  [fly] "A Frog sitting at the bottom of a Deep Well" Do you want to start a war again?[/fly]

[ Last edited by BY on 2006-7-30 at 03:25 PM ]

13008

说点中文会省事,你这几天一直在说中文的...........

BY

13008  在 2006-7-30 15:12 發表:

说点中文会省事,你这几天一直在说中文的...........

有的敘述用英文比較貼切。有時也不想浪費太多時間去打中文。抱歉。

801GUEST

BY  在 2006-7-30 03:10 PM 發表:

To: Guest #2 ( 2006-7-30 14:06 )  


Nothing to do with you if you don't like it.  This is an open forum not your own house.  So why don't you keep quiet if you don't want  ...

agree with you. KG

801GUEST

BY  在 2006-7-30 03:10 PM 發表:

To: Guest #2 ( 2006-7-30 14:06 )  


Nothing to do with you if you don't like it.  This is an open forum not your own house.  So why don't you keep quiet if you don't want  ...

别包装了,臭虫

801GUEST

BY  在 2006-7-30 03:10 PM 發表:

To: Guest #2 ( 2006-7-30 14:06 )  


Nothing to do with you if you don't like it.  This is an open forum not your own house.  So why don't you keep quiet if you don't want  ...

資料和消息Information最重要,不論中文或英文,要鼓勵將自己找到的信息公開給大家分享!!!!!

BY

Guest  在 2006-7-30 16:57 發表:

别包装了,??

Guest #7 2006-7-30 16:57  - Why don't you identify yourself? Hiding in the dark and using dirty words just proves you are only a Coward.   Do you know this is a High-Tech era, thus hiding in the dark is really useless, it's very easy to hack-in to your PC and find out who you are "井底之蛙".   So try to be a little bit brave next time and identify yourself with a 筆名 if you deny to register as a member.thus I don't have to be so troublesome using a long line like this: Guest #7 2006-7-30 16:57 to respond your dirty words.

This is a late reply cause I just back from some Sunday activities.

[ Last edited by BY on 2006-7-31 at 04:23 PM ]

BY

Guest  在 2006-7-30 15:37 發表:

agree with you. KG

Thanks for your support KG.