Gold extends rally on weak dollar, strong Asian demands

09:05, April 26, 2011      

Email | Print | Subscribe | Comments | Forum 

Gold futures on the COMEX Division of the New York Mercantile Exchange further hiked on Monday, registering the sixth consecutive record and eighth straight rise, buoyed up by a weak dollar and strong physical demands from Asia.

The most active gold contract for June delivery gained 5.3 U.S. dollars, or 0.35 percent, to 1,509.1 dollars per ounce.

Market analysts said that the weak confidence in U.S. dollar, which has dropped for four straight weeks against a basket of major currencies, helped strengthen the appeal of gold for investor.

Besides, the market expected investors in Asian countries, including China and India, still have big appetite for physical gold, as they sought gold as a hedge against inflation.

However, some analysts have seen the risks. Mike Daley, senior gold analyst with PFGBest, said that both gold and silver are in overbought territory and susceptible to huge downside volatility.

Silver for May delivery hiked 1.09 dollars, or 2.4 percent, to 47.149 dollars per ounce, a fresh 31-year record. July Platinum also increased 7.4 dollars, or 0.4 percent, to 1,828.1 dollars.

Source: Xinhua
BRICS Leaders Meeting 2011
Japan in aftershocks
  Weekly review  
April 20   Beijing-Shanghai high-speed rail to remove luxury seats
April 18   China undergoing shift into nation of consumers
April 18   Zhejiang checks food, raids illegal bun makers
April 19   SASS: Chinese students mentally healthier than Asian peers
April 23   The week in pictures
April 19   Build legal bulwark against moral decline
April 21   'China model' 30 years on: from home to abroad
April 21   Piano student's bloody crime heart-wrenching in China
April 18   China places firmer lid on home prices
April 19   China puts brake on economic bullet train


  • Do you have anything to say?


Special Coverage
  • BRICS Leaders' Meeting 2011
  • Focus On China
Major headlines
Editor's Pick
  • Guess who're coming to royal wedding of Prince William &Kate in UK?
  • Chernobyl nuclear disaster victims commemorated in Ukraine
  • Afghanistan investigates massive jailbreak in Kandahar
  • New recruits of rebel forces trained at boot camp near Benghazi
  • 30,000 Thai villagers in fighting zone evacuated to safe shelters
  • Blast injures 14 police in NW Pakistan
Most Popular
Hot Forum Dicussion