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By Bloomberg NEW YORK: Gold for immediate delivery rebounded from the biggest drop in seven weeks and a natural silver rally after appearing again signs of inflationary pressure across Asia to revive the demand for precious metals.
"Inflation is biggest risk for the economy of South Korea," said Finance Minister Yoon Jeung Hyun was quoted as saying by Bloomberg. India's central bank delivered the country's inflation risk has been strengthened by higher commodity prices. The Vietnamese government said it expects inflation this year, faster than the target announced earlier. "The basic factors supporting gold and oil prices stay the same. The prospect of long-term remains positive," said Ong Yi Ling, Singapore-based analyst at Phillip Futures Pte Ltd. Gold rallied 9% this year after soaring 30% in 2010 as investors sought protection against the decline in value of currency and accelerating inflation. "The metal will rise to U.S. $ 1,650 per ounce at the end of the year," William Rhind, head of sales and marketing in ETFs Marketing LLC. Gold immediate delivery rose 0.2% to U.S. $ 1,548.25 an ounce at 14:01 in Singapore after shrinking 1.2% yesterday, the biggest decline since March 15. The metal touched the highest level of all time at the level of U.S. $ 1,577.57 yesterday before getting out again. Gold in New York June delivery fell 0.6% to U.S. $ 1,548.20 an ounce today after reaching a record U.S. $ 1,577.40 a day earlier.Silver for July delivery was trimmed down 5% to U.S. $ 43.805 per ounce after the CME Group said the minimum amount of cash that must be paid when borrowing from the broker for futures trading will rise to U.S. $ 16.200 per contract of U.S. $ 14.513. Silver has rallied 47% this year, the highest among the 24 materials listed in the Standard & Poor's GSCI index. (Fh)source: bisnis.com
"Inflation is biggest risk for the economy of South Korea," said Finance Minister Yoon Jeung Hyun was quoted as saying by Bloomberg. India's central bank delivered the country's inflation risk has been strengthened by higher commodity prices. The Vietnamese government said it expects inflation this year, faster than the target announced earlier. "The basic factors supporting gold and oil prices stay the same. The prospect of long-term remains positive," said Ong Yi Ling, Singapore-based analyst at Phillip Futures Pte Ltd. Gold rallied 9% this year after soaring 30% in 2010 as investors sought protection against the decline in value of currency and accelerating inflation. "The metal will rise to U.S. $ 1,650 per ounce at the end of the year," William Rhind, head of sales and marketing in ETFs Marketing LLC. Gold immediate delivery rose 0.2% to U.S. $ 1,548.25 an ounce at 14:01 in Singapore after shrinking 1.2% yesterday, the biggest decline since March 15. The metal touched the highest level of all time at the level of U.S. $ 1,577.57 yesterday before getting out again. Gold in New York June delivery fell 0.6% to U.S. $ 1,548.20 an ounce today after reaching a record U.S. $ 1,577.40 a day earlier.Silver for July delivery was trimmed down 5% to U.S. $ 43.805 per ounce after the CME Group said the minimum amount of cash that must be paid when borrowing from the broker for futures trading will rise to U.S. $ 16.200 per contract of U.S. $ 14.513. Silver has rallied 47% this year, the highest among the 24 materials listed in the Standard & Poor's GSCI index. (Fh)source: bisnis.com
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