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Gold to its highest level 1 month

18 January 2012

The price of gold rose to its highest level in a month in London on expectations of monetary easing in line with China and the weakening U.S. dollar boosted demand that alternative assets.
The dollar fell against six major currencies after China’s economy grew at the slowest pace in 10 last quarter, maintaining the pressure on Prime Minister Wen Jiabao to loosen monetary policy. Bernard Sin of MKS Finance SA in Geneva say? Gold rose amid speculation the possibility of China loosen monetary policy. The dollar is also one factor, while Europe was still under a lot of pressure?.
Bureau of Statistics of China reported the country’s economy grew 8.9% in the fourth quarter 2011, on the economic forecast of 8.7%. Spot gold prices in London rose U.S. $ 24.10 or 1.5% to U.S. $ 1,667.90 per ounce, the highest price since December 13, 2011, before it was at U.S. $ 1661.13 at 9:18 local time. Meanwhile, gold prices for February delivery rose 1.9% to U.S. $ 1,661.10 on the Comex in New York. Last year drove gold prices 10%, making it an annual increase to -11 in a row, as investors seek to diversify their portfolios away from equities and currencies.

According to Head of Real Time Futures Research Laksono Revelation, is still a safe haven of gold associated with the debt crisis in Europe and the U.S. economy is still weak, also Iran’s geopolitical problems.

The weakening of the previous gold associated with profit taking and liquidity problems in which cash, U.S. dollars, became king. There is hope that a solution for Europe is the European Central Bank stimulus, despite a fiscal tightening at the State level. In addition, the U.S. central bank still has not closed the path of quantitative easing program or quantitative easing. Technically gold is still considered to have the opportunity to return to U.S. $ 1,660-US $ 1,680 provided that can penetrate U.S. $ 1,620 per ounce. Strong resistance, the market tends to do a sell, at the level of U.S. $ 1,677 per ounce. If the previous negative European sentiment hit gold, but the debt downgrades affect only briefly. Meanwhile, gold prices in the retail trade segment in Indonesia yesterday after rebounding the previous 1,000 per gram per gram Rp7.000 dropped by the reference price of PT Aneka Tambang (Antam). The price of gold bullion 1 gram size pegged at a purchase price back Rp548.000 Rp481.000 per gram. The price of Antam’s gold-certified Rp522.800 2.5 grams per gram, while the size of 1,000 grams per gram of precious Rp506.000.

Separately, Morgan Stanley reiterated that gold will rise and so the copper base metal commodities that will be favored in 2012. The price of gold supported the demand for investment, while the deficit of raw materials used in the lucrative copper pipes and wiring. In a recent report, analyst Peter Richardson and Joel Crane said the average price of gold was estimated at U.S. $ 1,845 per ounce or 16% lower than previous estimates. As copper prices could average U.S. $ 3.70 per pound (U.S. $ 8,157 per ton), 3% less. Morgan Stanley to assess bearish on the tin, aluminum nickel and zinc in the middle of surplus supplies.

Thomson Reuters GFMS said that gold will rise to a record above U.S. $ 2,000 per ounce early next year in line concerns over currency and low interest rates. Philip Newman, research director for precious metals at GFMS says “In the short term, exchange rates can and will play a key role. There are still large uncertainties remain that encourage investors to hold gold.



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