U.S. Dollar Wobble Sends Gold Higher
Commodities / Gold & Silver 2009 Jul 14, 2009 - 04:52 AM GMTBy: GoldCore
Gold: The dollar wobbled overnight pushing gold to $923/oz. Gold is determinedly staying above the psychological $900 mark at the moment and the news that the US federal deficit has topped $1 trillion for the first time ever and could grow to nearly $2 trillion in the coming months is causing concern about higher interest rates and inflation and this should see gold well supported at these levels. The market will likely takes its direction from U.S producer prices and retail sales data released later today.
Silver: Silver recovered yesterday after the recent sharp selloff and is currently trading at $12.87. It may meet with considerable resistance when trying to break through $13.
Platinum Group Metals: Despite light trading in Platinum, the metal has made modest gains based on positive auto industry news. Palladium has also gained but Rhodium is still basking in the $1,325/$1,425 range.
Bullion Services Team
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