Finotec News Archive - May 06 2008
Gold inverted its negative trend
The rebound on the last week’s trend was due mainly to the physical sector, especially in main consumer India ahead of a religious festivalJoana Fonseca
06 May 2008
Add to bookmark:
Print this article
Subscribe to RSS
Gold rose about 2 percent in New York early today, boosted by oil record high, which increases the appeal of the metal as a hedge against the inflation. Gold traded at $878.15 at 8:00am GMT; the rebound on the last week’s trend was due mainly to the physical sector, especially in main consumer India ahead of a religious festival, when many Hindus buy precious metals. Dealers also registered interest from jewelers and bargain hunters in the Middle East, Indonesia and Thailand. “There’s a combination of physical buying and short-covering at the lows, but I think will still be in a range of $850 to $880 for the time being”, said a dealer in Hong Kong.
Finotec Analysis Team
06 May 2008
Print this article