Gold gains, seeks impetus to break trading range - JB News Feed

Gold drifted higher on Wednesday on a slightly lower dollar, but analysts said the metal needed a catalyst to break the current range and move towards $750.

Spot gold <XAU=> was at $741.45/742.15 an ounce by 1000 GMT, compared with $736.60/737.40 late in New York on Tuesday and a 28-year high of $747.65 touched last week.

"I am bullish on gold, but at the moment there is no real reason for people to buy. The dollar is around these levels for quite a while now, the economic data from the U.S. are still the same and the interest rate decision hasn't changed much," said Michael Widmer, director of research at investment bank Calyon.

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Posted by Posted by Jewelry News at Wednesday, October 10, 2007 7:36 AM
Categories: gold, Jewelry Industry News, Precious Metals
 

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