Gold futures settled substantially higher on Tuesday as the COMEX February 2012 contract climbed $20.90, or 1.3%, to $1,617.60 per ounce. Weakness in the U.S. dollar helped fuel the rally in gold futures, as well as the broader commodities complex.
Looking ahead, BNP Paribas strategist Anne-Laure Tremblay wrote in a note to clients that “The afternoon rally in risky assets and gold seems to have been spurred by better-than-expected U.S. housing data, which in turn further pushed the U.S. dollar lower…The rebound in the gold price could prompt some short-covering, and we could retest the 200-day moving average (just above $1,621 per ounce) in the coming days.”
Silver futures finished sharply higher as well, as the COMEX February 2012 contract advanced $0.66, or 2.3%, to $29.54 per ounce.
Platinum for January 2012 delivery rose $19.30, or 1.4%, to $1,432.90 per ounce, while March palladium jumped $10.90, or 1.8%, to $628.60 per ounce.
Source; http://www.goldalert.com/2011/12/gold-futures-climb-21-eye-key-technical-level/
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