|
|
Gold surges to new record The spot price of gold on Friday traded at its best level in more than 25 years of $598.22 a troy ounce on renewed fund buying as well as strength across the metals complex, traders said. A break above $602.25/oz will take gold to its best level since December 1980. Gold futures for May delivery rose above the $600 per troy ounce level in New York on Thursday, to reach $601.90. At 12.30pm, the spot price of gold was quoted at $596.60 a troy ounce compared to Thursday's close of $595.30/oz. "Gold is higher on fund buying as all the metals are rallying, with silver at multi-year highs and copper, zinc and aluminium all having a great rally. Support for gold is pegged at about $590/oz and any decline in the gold price below $592/oz should be a buying opportunity," a Johannesburg trader said. Could reach $660 "Gold could climb to a high of $660/oz this year, but I don't think it will end the year at that level. The $600/oz is like a magnet for the gold market and gold should go through the level soon," he added. "The bullish mood seems set to continue as oil, tensions in the Middle East, the spread of avian flu and central bank dollar diversification all provide upwards momentum. Gold's next hurdle is $600/oz, which if breached could well find lurking stops as well as drawing in fresh investor interest towards the market," UK-based TheBullionDesk.com analyst James Moore wrote. Platinum was last quoted at $1 082.50/oz, up $1.50/oz from the metal's previous close. Last Friday, platinum climbed to an all-time high of $1 092.50/oz. Platinum should continue to find scaled up resistance ahead of its all- time high, Moore wrote. Palladium record Palladium support should be found at $350/oz, while resistance should be seen above $365/oz, he added. Palladium on Thursday climbed to $355/oz, the metal's highest level since May 2002. The metal was last quoted at $352/oz, unchanged from the previous close. Rhodium was last quoted at $4 035/oz and off the metal's recent high of $4 350/oz, which was rhodium's highest level since 1991.
|