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| | The Gold & Silver precious metals Network is not currently active and cannot accept new posts | | Gold broke a key resistance level | Views: 733 | | Apr 16, 2007 7:01 pm | | Gold broke a key resistance level | # |
me4you | | Dear Valued Goldline.com Subscriber,
Gold broke a key resistance level today, April 13, 2007, on the New York Spot Market. At the end of trading, gold had gained $9.30 to close at $685.40. This was the sixth week of gains for the yellow metal as the U.S. dollar continued to decline. The dollar hit a two-year low against a basket of major currencies. Gold has gained 6.5% this year while the dollar index has fallen 1.5%.
Higher oil prices also encouraged investors to acquire gold as a safe haven asset for their portfolios. Oil topped $64 a barrel today in New York and approached the key $70 in London.
Silver gain $0.17, closing at $14.06. Platinum was also higher, ending the day at $1,278, a gain of $2. To see the most current spot prices, visit Goldline’s website at www.goldline.com.
The Dow Jones Newswires report that Goldman Sachs is forecasting gold to rise to $750 per ounce by the end of this year. The global investment banking firm pointed to the weakening U.S. dollar and growing demand from investors, consumers and central banks as two significant factors leading to higher gold prices.
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