Finotec News Archive - August 23 2007

Gold Rises as Stock Strengthen

New York on Wednesday the bullion investors bought cautiously while monitoring global credit concerns. "The euro's stronger, and the dollar's weaker. It looks like everything is starting to come around along with the Dow and everything else," Joseph

Stronger equity markets and a weaker dollar lifted gold

Sagiv Perez
23 August 2007

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Fears of a global liquidity crisis triggered a sell-off in financial markets last week that spilled into commodities. Gold, traditionally a safe haven in times of turmoil, fell to a seven-week low of $641.10 on Thursday as investors sold the precious metal for cash to cover margin calls on losses arising from a meltdown in the U.S. subprime ortgage market. Gold got support on Wednesday as the dollar fell against the euro, making dollar-priced gold cheaper for holders of other currencies. The future contract on Gold traded around the levels of 664.3$ an ounce at 20:25 (GMT).

Finotec Analysis Team
23 August 2007

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