Thursday, March 24, 2011

Gold Makes New Record High

The record high for gold's spot price, according to Kitco's data as of 11:10 AM ET, is no longer $1,445.90. It's $1,449.10. Confounding my expectations for a profit-taking-induced drop, the metal took off at 10:15 after a false start that got it up to almost $1,442. Influencing it was higher WTI crude oil prices, now up above $106, the greenback resuming its fall, and the fallout from the resignation of the Portugese Prime Minister. There's already talk about the Portugese government needing a bailout.

Update: Profit-taking did drag gold down after noon. The tumble to $1,432 was triggered by a drop in the price of WTI crude and a rise in the greenback, but gold's elevated level suggests profit-taking was the main cause.

No comments:

Post a Comment