Gold News

Gold prices hold steady

Investors looking to buy gold this Christmas may be interested to hear that there was little change in the precious metal's prices today in London, according to reports.

Gold for immediate delivery was trading at $813 an ounce at lunchtime in the UK's capital, after an increase of $1.28 since this morning, Bloomberg summised.

Trading in New York is to close early because of the Christmas holiday.

In other gold market news, the Australian Associated Press quoted AngloGold Ashanti as saying it is to close its hedge book in a move it was argued may push up prices even further than the 28 per cent gold brokers have already seen this year.

Roland Jansen, Mother Earth Investments, said: "The more hedges are closed, the higher prices will go."

The price of gold was higher last week by 2.2 per cent, Bloomberg said.

Gold prices have been pushed high this year due to the weakening of the US dollar, which caused Commonwealth Bank of Australia spokesman David Moore to tell Bloomberg that "gold is still driven by" the currency.

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