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Monday, October 22nd, 2018 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

Gold Price Rising Further

Gold rose further on Wednesday, trading at $1,524.78 in early trade, with investors keeping an eye on global economic conditions.

The increase came amidst inflation fears that had been ignited by strong Chinese economic data recently released, continued concerns over the euro zone and US debt crisis, coupled with firm equities.

Although gold is having a hard time breaking through the $1,550 peak reached last week, the long-term outlook remains positive.

By 0608 GMT gold was at $1,524.78, an increase of $1.53 an ounce, continuing the expansion seen on Tuesday following the release of data showing a faster rate of Chinese inflation that what has been seen in almost three years. US retail sales also fell less than what was forecasted.

China’s gold production is predicted to increase with more than 10 percent in 2011 compared to last year “as nagging political and economic uncertainties persist,” an official from the China Gold Association said.

Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong, said: “There’s not much to say. On the upside, there is still a resistance to break at around $1 550. The market may test $1 500 again if it closes below $1 512… I think the market is watching the end of QE2 this month.”

Financial markets are anticipating the end of June conclusion of the US Federal Reserve’s quantitative easing – a policy created to boost stocks, but also one that has been blamed for an increase in commodity prices and a weakening dollar.

There has been no resolution to the Greek debt crisis, with euro zone ministers having failed to reach an agreement. Greece is now the lowest-rated country in the world on the Standard & Poor scale, on which is was downgraded to eight notches below junk status this week.

http://www.businessday.co.za/articles/Content.aspx?id=145927


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