Gold rallied to a new record high of 1349 before settling at 1383.1 yesterday. The +3.4% rise was the biggest daily gain since March and was mainly driven by renewed selling pressure in USD and anticipated impacts of QE2. Following gold’s suit, silver jumped +6.58% and ended the day at 26.043, the highest level since 1980. Crude oil surged +2.13% as the rally accelerated after a firm break of 85. The front-month contract ended the day at 86.49. Apart from weak dollar and strong equities, OPEC’s comments that oil at 90 would not hinder global growth boosted oil prices further.
See original here:
Gold Approaches 1400 as QE2 Stokes Inflation
Leave a Reply
You must be logged in to post a comment.