Highest gold prices climbed back over a period of four months. This is in line with the policy of China, the country’s second largest gold consumer, who plans to loosen the metal trading rules.
As quoted from Bloomberg, on Wednesday (04/08/2010), China yesterday announced it would grant permission for some banks to import and export gold and agree to provide access to more foreign companies to be able to join in the gold trade. Where gold contract rose 8.3 percent this year after rising for nine consecutive years.
“Investors are ready to collect the gold and the dollar will remain weak. News from China is very optimistic for the market, this is a big decision,” said President of T & K Futures & Options in Port St. Lucie Michael K. Smith, in Florida.
Prices for the period December gold contract rose $ 2, 10 or 0.2 percent, to USD1.187, 50 at 13:40 pm local time on the Comex, New York. Contract prices rose for the fifth consecutive trading session, the largest increase since 7 April.
Contract price of silver for September delivery was little changed at the level of $ 18, 422 per ounce. The price of platinum for October delivery fell 0.9 percent or $ 15, 10 to USD1.587, 10 in the New York Mercantile. Palladium futures prices for September dropped USD9, 40, or 1.8 percent.
Just a reminder, the price of gold on the trade yesterday, again weakening the alias to be getting cheaper. Market participants seem to prefer to enter the stock market and oil commodities.
As quoted from yahoofinance, thin gold prices actually fell 0.01 percent to approximately USD1.183, 3 per oz, with a daily trading range of 0.4-USD1 .183,9 USD1.171 per oz. Where do U.S. stocks rose to level highest in 10 weeks on Monday and the S & P 500 through the main level of technical due to the weakening U.S. dollar pushed the stocks of energy and raw materials.