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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...Read more
Gold jumps to $975 after US Private Sector Job Report DisappointsSeptember 02 2009, 4:05pm
After holding a relatively narrow trading range this morning, with selling in the early part of the session, gold prices jumped 1% after a worse than expected private sector employment report in the United States fuelled a jump in demand for gold.
The December gold contract rose to $975/ounce following the report.
Equity indices appear subdued this afternoon with London’s FTSE 100, the S&P500 and the DOW all staying in the red. Less positive sentiment for equities is also being driven by many market commentators questioning the sustainability of the recently global market rally.
Gold bull remained positive on the outlook for the shiny metal, with some analysts stating that as investor confidence shifts away from ‘overvalued’ equity markets, gold may test the $1,000 mark yet again: "With equity weakness still very much to the fore, a sustained push for that all important, psychological level of $1,000 an ounce and beyond on safe-haven demand seems likely in the coming weeks," stated analysts at Goldcore.