Gold futures rally late Friday, creep up today - Monday 26th November 2007
Gold futures were active on markets this morning (November 26th), capping a set of volatile moves for the price of the precious metal with a rise to around the $830 per ounce mark.
Spot gold remains not far below, after soaring to higher levels early on but then consolidating again between $820 and $830 per ounce, giving speculators good reason to buy gold and hold their breath for a further run on $850.
On Friday, gold futures for December delivery showed their renewed investor appeal finishing with at $824.70 on the back of a $25 rally that defied the skepticism of those predicting that the metal would consolidate below $800.
But a high oil price today – remaining in touching distance of $100 per barrel – has kept the upward pressure on gold at higher levels, a pressure which could bear significantly on gold prices when trade on the New York Mercantile Exchange kicks into full gear.
Significantly, the price increases experienced by gold futures late Friday and early today have come without the kick-start of negative market data – with the Chicago Fed's National Activity Index the only economic report on today's schedule.
Should gold's resilient price levels endure until later in the week, Thursday's busy calendar – jobless claims, new home sales and gross domestic product – could yield the worrying signs of credit strains that have sent gold price soaring of late.
Spot gold remains not far below, after soaring to higher levels early on but then consolidating again between $820 and $830 per ounce, giving speculators good reason to buy gold and hold their breath for a further run on $850.
On Friday, gold futures for December delivery showed their renewed investor appeal finishing with at $824.70 on the back of a $25 rally that defied the skepticism of those predicting that the metal would consolidate below $800.
But a high oil price today – remaining in touching distance of $100 per barrel – has kept the upward pressure on gold at higher levels, a pressure which could bear significantly on gold prices when trade on the New York Mercantile Exchange kicks into full gear.
Significantly, the price increases experienced by gold futures late Friday and early today have come without the kick-start of negative market data – with the Chicago Fed's National Activity Index the only economic report on today's schedule.
Should gold's resilient price levels endure until later in the week, Thursday's busy calendar – jobless claims, new home sales and gross domestic product – could yield the worrying signs of credit strains that have sent gold price soaring of late.
Goldbug, 26 Nov '07
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