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Market: LME
Sector: General Mining - Gold
EPIC: GOLD
Latest Price: $0.00  (0,00%)
52-week High: $39.00
52-week Low: $39.00
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GOLD
www.gold.org

Gold is a highly sought-after precious metal which, for many centuries, has been used as money, a store of value and in jewelry. The metal occurs as nuggets or grains in rocks, underground "veins" and in alluvial deposits. Modern industrial uses include dentistry and electronics, where gold has traditionally found use because of its good resistance to oxidative corrosion.

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Gold hits 3-1/2 months high at US$906/oz

26th Jan 2009, 12:01 pm

The price of gold broke through the US$900 level per troy ounce today, January 26, reaching US$906 in early afternoon trade in London, the highest level for three and a half months.


The move was ascribed by analysts and market participants to buying by specialist funds amid fresh concerns about the global economic outlook and increased interest in the yellow metal as a haven from risk.


Traders view it as likely that gold will stabilise above US$900 this week and some traders said it may even test the US$930 level last touched in October 2008.


Last week, a wave of bad economic indicators and a new round of problems in the banking sector, particuarly in the UK, raised general concern about economic conditions which increased demand for gold. Gold is often seen as a save haven for investors during times of economic uncertainty.

 

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