Statement of the President of the European Central Bank (ECB) Mario Draghi helped inflate the price of gold. In trading Thursday (09/06/2012) local time, the price of gold jumped to its highest level since March.
Bloomberg data show, at 13:45 am New York time, the contract price of gold for quick delivery advanced 0.7 percent to 1705.60 U.S. dollars per troy ounce on the Comex in New York. In fact, the previous transaction price of gold had jumped to the position of 1716.90 U.S. dollars per troy ounce, the highest level for a most-active gold contract since March 12.
As reported earlier, Draghi said it will launch a program to avoid the worst case scenario on the economy in the euro zone. "Expectations of inflation increases after Draghi statement. Thing which then increases the price of gold," said Adam Klopfenstein, a strategist at Archer Financial Services Inc. in Chicago. He also said U.S. employment data will also determine the direction of movement of gold.
Meanwhile, Jeffrey Currie, Head of Commodities Research, Goldman Sachs Group Inc. predicts, the price of gold will be in the 1840 dollars by the end of this year.
Bloomberg data show, at 13:45 am New York time, the contract price of gold for quick delivery advanced 0.7 percent to 1705.60 U.S. dollars per troy ounce on the Comex in New York. In fact, the previous transaction price of gold had jumped to the position of 1716.90 U.S. dollars per troy ounce, the highest level for a most-active gold contract since March 12.
As reported earlier, Draghi said it will launch a program to avoid the worst case scenario on the economy in the euro zone. "Expectations of inflation increases after Draghi statement. Thing which then increases the price of gold," said Adam Klopfenstein, a strategist at Archer Financial Services Inc. in Chicago. He also said U.S. employment data will also determine the direction of movement of gold.
Meanwhile, Jeffrey Currie, Head of Commodities Research, Goldman Sachs Group Inc. predicts, the price of gold will be in the 1840 dollars by the end of this year.
0 comments:
Post a Comment