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Message: Midday Alert - Gold Spot Price Update

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Midday Alert - Gold Spot Price Update

posted on Nov 26, 07 06:57AM

The following chart provides a update on the current 24h spot price of gold. Chart and commentary to follow ~


 

Mon Nov 26, 2007 11:02am EST Courtesy of Reuters:

U.S. gold futures seesawed and traded flat in choppy trade on Monday, giving back their initial gains, as investors opted to lock in profits after Friday's sharp rally.

 

Gold futures had traded sharply higher in early sessions due to a lower dollar, options-related buying and bullish market sentiment, dealers said.

 

 "Everyone has a buying-dips mentality right now. Everyone thinks that this market is eventually going to take out the $845 resistance" for spot gold, said one New York precious metals broker.

 

 

 

At 10:52 a.m. EST (1552 GMT), most-active December 
gold (GCZ7: Quote, Profile, Research) on the COMEX 
division of the New York Mercantile Exchange was up 10
 cents at $824.80 an ounce, trading between $820.00 and
 $837.20 -- a two-week high.
 
The December contract has risen sharply in each of the past
 three sessions. It has rallied as much as $64 after hitting a
 bottom at $773.40 last Tuesday.
 
Spot gold <XAU=> was quoted at $823.70/824.50 an 
ounce, compared with $821.20/821.90 in New York Friday
 afternoon. London bullion dealers fixed the afternoon spot 
reference price at $830.00.
 
The broker said that gold's recent strength showed that the 
metal had moved higher on its own fundamentals, such as 
safe-haven buying due to market turmoil, rather than other 
supportive factors. "Gold seems to have its own identity 
right now," he said… (cont’d)
 

The chart will update automatically, so check back often for updates.

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