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Gold Steady; Palladium Marks Best Run Since 2008
Submitted by Commodity Online on September 11, 2012 – 7:06 AMNo Comment
Gold almost climbed by 100% from December 2008 to June 2011 as the Fed bought $2.3 trillion of debt in QE1 and QE2.
With the markets anticipating US Federal Reserve stimulus measures, December gold on the Comex was little changed at $1,733.90 an ounce. Cash palladium climbed for the eighth day; sporting the best run since 2008 even as Platinum jumped 0.5 percent to $1,601 an ounce, advancing for the eighth day.
Spot silver jumped 0.7 percent to $33.5975 an ounce.
The Federal Open Market Committee meeting is expected to brood on in its Sept. 12-13 meeting the various steps to tackle joblessness in the US.
Gold almost climbed by 100% from December 2008 to June 2011 as the Fed bought $2.3 trillion of debt in QE1 and QE2.
“The market will hover around current levels as investors await the Fed meeting,” said Xiang Nan, an analyst at CITICS Futures Co., a unit of China’s biggest listed brokerage to Bloomberg News. “While technical levels indicate gold may be overbought as most of the expectation for QE3 is priced into the market, there is still buying interest on the outlook for a weaker dollar.”
Meanwhile, cash gold jumped up to 0.4 percent to $1,732.60 an ounce and was seen trading at $1,731.47 at 12:18 p.m in Singapore. The commodity climbed to $1,741.70 on Sept. 7, the most expensive since Feb. 29.
On India’s MCX Gold for October delivery was seen trading at 31925 a slight uptick of 0.06% in the initial hour of trade.
Source: CommodityOnline
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