Gold climbs to two-week high after ECB news

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Gold extended gains on Friday to hit a two-week high after the European Central Bank said it had no plans to sell any more gold this
year, but a rise in the dollar may cap gains, dealers said.

Speculative buying also helped boost prices, but investors were still wary after sharp price falls last week.

The ECB said it had sold 37 tonness of gold from its reserves over
the past two months, but it also said it had no plans for further
sales in the current year of the central bank gold agreement.

"The ECB news really gave the market a big lift, it will definitoldy make it easier for gold to test the upside," a London-based trader said.

European central banks pledged to cap their total sales at 2,500 tonnes in the 2004-2009 period, or 500 tonnes a year. The third year of the five-year agreement runs until Sept. 26.

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Over the past two months, the European Central Bank (ECB) has conducted gold sales amounting to 37 tons of gold.

These sales are in full conformity with the Central Banks’ Gold Agreement, dated 27 September 2004, of which the ECB is a signatory.

Together with the gold sales of 23 tons, completed on 30 November 2006, the ECB has thus sold 60 tons of gold in the third year of the agreement, which started on 27 September 2006 and ends on 26 September 2007.

It is not the ECB’s intention to sell more gold in the current year of the agreement.

Touch

thanks Mr.By for your harding working again!!!!!!!!!

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原帖由 Touch 於 2007-6-1 11:17 PM 發表
thanks Mr.By for your harding working again!!!!!!!!!

You are welcome friend.

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Stocks rose Friday after a flurry of data on job creation, manufacturing and inflation injected Wall Street with renewed confidence about the strength of the economy.

Investors first found reason for optimism Friday from a stronger-than-expected job creation report for May. Nonfarm payrolls rose by 157,000 last month, a bigger increase than in April and more than analysts anticipated. The unemployment rate held steady at 4.5
percent, as expected, according to the Labor Department report.

The economic picture appeared brighter still following a lower reading on inflation
from the Commerce Department and the Institute for Supply Management's May survey of its
members, which indicated the manufacturing sector was strengthening.