Metals – Market Recap – Oct 6,2009

Bloomberg (Reported 10.6.09):
“Oct. 6 (Bloomberg) -- Gold advanced to an 18-month high in New York and London as a tumbling dollar spurred demand for the precious metal as an alternative investment.

The dollar fell as much as 0.7 percent against the euro after Australia unexpectedly raised interest rates and Britain’s Independent newspaper said Arab states held talks on replacing the dollar in oil trades. Saudi Arabia’s central bank and a Kuwaiti minister said there weren’t any negotiations. Gold, trading near a record, tends to gain when the dollar weakens.” Gold Advances to 18-Month High as Weaker Dollar Spurs Demand


Reuters (Reported 10.6.09):
“TOKYO (Reuters) - Gold rose toward $1,020 on Tuesday as the dollar fell against the euro and crude oil maintained its strength, although some resistance emerged around that level.

Purchases of bullion were picking up in India, a top consumer of the precious metal, providing support for the market. Buying traditionally typically increases in India during Diwali, the Hindu festival of lights.” Gold inches up towards $1,020 on weak dollar

NS Futures (Reported 10.6.09):
“Expectations of a sustained slide in the dollar give the bulls control…”
”With a fresh new high for the move overnight and the market seemingly poised to reach up toward the highest level since the early 2008 peak, it would seem like the bull camp has initial control….” Full Report