Gold Continues Rise, High Level Approach

The price of gold rose again on Monday, August 27, 2012, near the highest level in 4.5 months semoat happened last week. Gold prices rose after emerging expectations for further monetary easing from the U.S. central bank, the Federal Reserve. The Reuters news agency reported, spot gold prices in Singapore rose 0.3 percent to U.S. $ 1,673.99 an ounce on Monday morning, after posting a 3.4 percent rise last week. Spot gold prices in the United States also rose 0.3 percent to U.S. $ 1,677.10. While the price of U.S. gold futures for December delivery at the end of last week closed up 0.25 percent to U.S. $ 1,677.10. Federal Reserve Chairman Ben Bernanke told Congress that the U.S. central bank has room provide additional monetary stimulus to boost growth of the U.S. economy. This condition supports the positive sentiment in the gold market. Other data showed that India's gold imports, one of the major consumers of gold, tends to fall this year. High local prices curb buying interest of Indian society. The spot price of silver in Singapore also rose 0.32 percent to U.S. $ 30.87 per ounce, and the price of silver futures for September delivery in the U.S. at the weekend closed up 0.73 percent to U.S. $ 30.8. (adi)