Gold prices bounced back
- gold prices soaring again. Tuesday (26.1.2010), the price of gold at a cash Tokyo market rose 0.3 percent to 1101.75 U.S. dollars per troy ounce.
Investors hunt for the precious metal back to its price down quite a lot last week. However, investors remained wary of the meeting of Federal Open Market Committee (FOMC), which will determine its benchmark interest rate the U.S. central bank said on Wednesday (27/1/2010) later.
Last Friday gold prices had fallen to touch 1081.90 U.S. dollars per troy ounce, its lowest level in five last week. The reason is the market concerns of President Barack Obama’s plan to limit movement of financial institutions in commodity exchanges. “Actually, the market is not too interested in determining the interest rate the Fed,” said Louis Lok, senior dealer at Bank of China Hong Kong.
According to him, the gold price will move in the range of 1085-1110 U.S. dollars per troy ounce until the Fed announces its reference interest rate. Correction that occurred in last week to investors hunt for gold again.
The price of gold contracts for delivery in February 2010 in the United States rose 0.6 percent to 1101.70 U.S. dollars per troy ounce compared with the previous in Comex, the New York Mercantile Exchange (NYMEX) which for 1095.70 U.S. dollars per troy ounce.
Other precious metals prices, such as platinum and palladium, joined terkerek gold prices. The price of platinum in the cash market to reach U.S. $ 1556.50 per troy ounce and palladium 440 U.S. dollars per troy ounce.
The decline that had occurred in the gold market looks at the gold stock of SPDR Gold Trust GLD is an exchange-traded fund based on the world’s largest gold. As of January 26, 2010, gold stock owned SPDR Gold Trust GLD position has not changed from January 25, 2010, which is 1111.92 tons
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