Arab Today, arab today gold expected to extend rally on euro debt inflation
Last Updated : GMT 22:30:09
Arab Today, arab today
Arab Today, arab today

Gold expected to extend rally on euro debt, inflation

Arab Today, arab today

Arab Today, arab today Gold expected to extend rally on euro debt, inflation

SINGAPORE - Arabstoday

Silver futures gained and gold may extend its two-week rally as Europe's debt crisis and accelerating inflation draw investors seeking to protect their wealth. Gold priced in yuan rose to a record. Silver for July delivery jumped as much as 1.4 per cent to $38.395 an ounce, extending last week's 7.9 per cent gain, in electronic trading on the Comex in New York, and traded up 0.4 per cent at $38 at 12:21pm London time. Immediate-delivery gold was little changed at $1,537 an ounce, while bullion for August delivery was 0.1 per cent higher at $1,538.80 an ounce on the Comex in New York. Gold in Shanghai rose to an all-time high of 319.92 yuan ($49.34) a gm yesterday. Commodities, measured by the Standard & Poor's GSCI Index of 24 futures, rallied for a third week last week after the Group of Eight leaders said the global economy is strengthening. Uptrend "Gold's uptrend remains in place, with people being fidgety about Europe's debt crisis," said Chae Un-soo, Seoul-based trader with KEB Futures Co. "The metal is going to approach a record this week where it also could face heavy sell-offs to moderate rapid gains in prices." Bullion is extending a 10-year winning streak, touching a record $1,577.57 an ounce in London on May 2, as European policy makers seek ways to restore investor confidence amid increasing concern that Greece won't be able to repay its debts after last year's €110 billion (Dh576 billion) bailout. Seventeen of 19 traders, investors and analysts surveyed by Bloomberg said bullion will rise this week, while one saw a decline and one was neutral. Assets held in exchange-traded products, or ETPs, stood at 2,057.679 metric tonnes as of May 27, compared with a record holdings 2,114.6011 tonnes in December, according to data compiled by Bloomberg. There is "a bull market that has years to go and would ultimately carry gold and silver prices to multiples of their recent highs," Jeffrey Nichols, managing director at American Precious Metals Advisors, wrote in a note. China National Gold Group Corp wants to invest in projects in Africa as it expects bullion to trade near record levels for the next three years. Potential "We aim at large-scale mines with good potential in countries that have close ties with China and domestic stability," President Sun Zhaoxue, 48, said in an interview in Shanghai. "Gold prices will foreseeably fluctuate at historically high levels for another three years." Silver for immediate-delivery rose 0.1 per cent to $38.05 an ounce. Spot palladium fell 0.3 per cent to $759 an ounce, while platinum was little changed at $1,801.63 an ounce.

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