Gold extends rally on weak dollar, strong Asian demands

09:05, April 26, 2011      

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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
 
 
     
 
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(Editor:张茜)

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