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Message: Morning Update - Gold Trading Near Record Highs

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Morning Update - Gold Trading Near Record Highs

posted on Jan 15, 08 06:22AM

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

Courtesy of MarketWatch:

Gold rises for fifth day as dollar falls further

SAN FRANCISCO (10:45) -- Gold futures rallied for a fifth day, up more than $10 to near $915 an ounce, as the dollar fell for a second day against a basket of other major currencies, increasing gold's attraction as an investment alternative.

Gold futures for February delivery gained $10.3, or 1.1%, to $913.4 an ounce on the New York Mercantile Exchange in mid-morning trading. They surged to an intraday high of $916.1 an ounce earlier in electronic trading. Gold has gained more than $50 since last Monday's closing.

The dollar index, which tracks the value of the greenback against a basket of other major currencies, fell to 75.2 on Tuesday, the lowest in more than six weeks.

"Dollar weakness, oil and commodity strength and the continuing credit crisis were again driving forces in the gold market," said Mark O'Byrne, an analyst at Gold and Silver Investments Ltd.

As the dollar becomes weaker and worries increased that the U.S. economy is falling into recession, investors are buying gold as an investment haven.

Also on the Nymex, prices of other metals futures were mixed. March silver gained 2.5 cents to $16.45 an ounce. January platinum gained $4.2 to $1,587 an ounce. March palladium lost $3.45 to $384 an ounce, and March copper edged 7.65 cents lower to $3.2625 a pound.

Gold warehouse inventories were at 7.4 million troy ounces, according to Nymex data. Silver stockpiles rose to 130.7 million troy ounces, and copper supplies were 15,494 short tons.

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