Monday, March 13, 2006

Gold at Highest Rate Since December 8th, 2005

As of Friday, March 10th, gold took a rise not seen since late last year. What did analysts attribute to this recent increase? Oil and the Euro seem to be what lies behind the scenes, as we see gold make a slight adjustment. More from The News International, in Pakistan.

"GOLD: Gold climbed to its highest level this year, amid a plunging US dollar and surging oil prices.

An ounce of gold climbed to $446.76 Thursday spot price and $443.70 Friday for the fixed price — its highest level since December 8. "A stronger euro and new highs of crude lifted the yellow metal back above 440 dollars," said UBS analyst John Reade.

The dollar plunged to a two-month low point against the euro this week on structural concerns over the US twin deficits, making gold — priced in dollars — cheaper to buyers using other currencies. Record oil prices boost gold as it is deemed a less risky investment."
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