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MAKE MONEY BLOG$~SINGAPORE - Gold prices rose two per cent to the highest level in five months, and seem to continue to rally like last year. Speech by Federal Reserve chairman Ben Bernanke to be the key rising gold prices in the global market.
Bernake, in her speech, encouraging a new round of monetary stimulus for the economy of the United States (U.S.). Having traded in a stagnant, gold finally drove to USD1.700 per troy ounce, the highest since March.
Gold records biggest daily gain in two months, beating U.S. equities were up slightly in late trading yesterday. Gold has posted gains of 4.5 percent in August, the biggest consecutive rise since January.
In a speech to central bankers in Jackson Hole, Wyoming, Bernanke highlighted the U.S. labor market is still stagnant. He said the U.S. economy faces a daunting challenge. Therefore, the Fed is ready to buy government bonds in a quantitative easing (QE) phase III.
"The main catalyst for gold prices rebound as Bernanke is using the words of concern, and the interpretation that there will be QE, when he said the U.S. economy is in a terrible projection," said the chief investment officer of SICA Wealth Management, Jeffrey Sica, quoted by Reuters on Saturday (01/09/2012).
Gold prices briefly fell after Bernanke's speech, but rebounded quickly at USD45 per troy ounce, or nearly three percent of the session lows.
Spot gold rose 1.8 percent kind to USD1, 685.89 a troy ounce, the biggest one-day rise in two months. Gold managed to rebound from its lowest level in USD1.646, 73 per troy ounce. Gold could move a session high of USD1, 691.80 a troy ounce, the highest since March 27.
While Comex gold futures Glod, for December delivery closed up $ 30, $ 50 per troy ounce to USD1.687, 60 per troy ounce, the highest trading volume in a month.
To date, gold has recorded an increase of eight per cent, still far from the highest increase of 15 percent in January, when the Fed indicated the existence of monetary stimulus, and said it will keep interest rates near zero until at least the end of 2014. (Mrt)
source: okezone.com
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Bernake, in her speech, encouraging a new round of monetary stimulus for the economy of the United States (U.S.). Having traded in a stagnant, gold finally drove to USD1.700 per troy ounce, the highest since March.
Gold records biggest daily gain in two months, beating U.S. equities were up slightly in late trading yesterday. Gold has posted gains of 4.5 percent in August, the biggest consecutive rise since January.
In a speech to central bankers in Jackson Hole, Wyoming, Bernanke highlighted the U.S. labor market is still stagnant. He said the U.S. economy faces a daunting challenge. Therefore, the Fed is ready to buy government bonds in a quantitative easing (QE) phase III.
"The main catalyst for gold prices rebound as Bernanke is using the words of concern, and the interpretation that there will be QE, when he said the U.S. economy is in a terrible projection," said the chief investment officer of SICA Wealth Management, Jeffrey Sica, quoted by Reuters on Saturday (01/09/2012).
Gold prices briefly fell after Bernanke's speech, but rebounded quickly at USD45 per troy ounce, or nearly three percent of the session lows.
Spot gold rose 1.8 percent kind to USD1, 685.89 a troy ounce, the biggest one-day rise in two months. Gold managed to rebound from its lowest level in USD1.646, 73 per troy ounce. Gold could move a session high of USD1, 691.80 a troy ounce, the highest since March 27.
While Comex gold futures Glod, for December delivery closed up $ 30, $ 50 per troy ounce to USD1.687, 60 per troy ounce, the highest trading volume in a month.
To date, gold has recorded an increase of eight per cent, still far from the highest increase of 15 percent in January, when the Fed indicated the existence of monetary stimulus, and said it will keep interest rates near zero until at least the end of 2014. (Mrt)
source: okezone.com
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