Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Gold Near Yearly Peak after CBanks raise activity to buy precious metal  Join our daily free Newsletter

MENAFN Press - 10/10/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN Press) (EMAILWIRE.COM, October 10, 2012 ) San Francisco, CA-

The price of gold bullion almost reached a yearly high last week, and one observer said that central banks might be buying the precious metal.

An increase in U.S. manufacturing and the dollar's decline relative to a collection of major currencies led to some risk-taking, and on Oct. 1 bullion's spot price hit more than 1,790 for an ounce. It had not reached that level since November 2011.

At one point that Monday, almost 4 million ounces traded hands in seconds on the U.S. futures market, dealers told Reuters. Some thought the activity was an indication that central banks were buying, especially considering the dollar's soft long-term outlook.

When the dust settles, asset manager Adrian Day told Reuters, I wouldn't be surprised at all if we learn that central banks have been buying gold over the last couple of weeks.

His firm, Adrian Day Asset Management in Annapolis, Md., manages 200 million in commodities, including gold.

The central banks typically do not tell upfront if they're buying gold, Day said, but they were in the market during the summer, as we belatedly found out, and they could be keeping up with that momentum now.

The World Gold Council said in August that an increase in central bank buying helped make up for a 10% decline in demand for bullion in the second quarter from the first. In the second quarter, bullion ranged from 1,530 an ounce to 1,680 an ounce, but by the third quarter, it gained 11% to trade above 1,787.

The start of October saw a high of 1,791.20, which was the best price since Nov. 14, when bullion surpassed 1,795.

Analysts expect gold prices to be influenced by the euro, which had bounced back against the dollar Oct. 1. But, questions about European finances mean that gold prices could be volatile.

Robin Bhar, a Societe Generale analyst in London, told Reuters, You might see a print above 1,800, but above there, you will get the sellers coming in.


About ExpressGoldCashOnline.com
ExpressGoldCashOnline.com (http://expressgoldcashonline.com) is an online resource for people who want to sell gold, silver and other precious items for cash. Readers can learn about gold exchange, prices and services. Sellers can read recommendations and get a free Express Gold Pack at ExpressGoldCashOnline.com.

 






  MENA News Headlines


 
Live Currency Rates






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help