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發表於 2006-9-28 01:38:25
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Gold dances to tune of oil, struggles to reclaim $600
Gold jumped to a two-week high to trade just below $600 an ounce, supported by firmer oil prices and improved physical buying in key markets.
But the metal was expected to face tough resistance in breaching the $600 level as higher prices might encourage investors to pocket profits.
The two main elements that should give direction to gold in the next two-three months are the dollar and oil.
Investors took a lead from oil prices, which firmed above $61 a barrel as dealers balanced an expected swelling in robust U.S. winter fuel stocks against a warning from producer cartel OPEC that it may take action to stabilise tumbling prices.
Gold is often seen as a hedge against inflation. The metal is also influenced by currency moves and generally trades in the opposite direction of the dollar.
The dollar steadied, keeping most gains made on the previous day’s strong U.S. consumer confidence data that softened expectations a slowing economy may lead the Federal Reserve to cut interest rates.
The dollar also gained support from the better than expected new homes sales data for August.
The market could count on continued physical demand increase towards the peak season for gold jewellery in parts of Asia. |
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