Gold News

Gold refuses to come down

In this morning's London trade (October 17th), gold prices for immediate delivery rose as high as $767 per barrel before stabilising slightly lower at around $764.

Signifying a new 27-year high, the biggest peak since January 1980, the new rise was perhaps slightly too high for its own good, with the precious metal falling away slightly in New York morning trade.

Meanwhile the Euro has registered new rises against the dollar, making the incentive to buy gold even greater for those concerned at the depreciation of the greenback, with the precious metal offering an alternative guarantee of value.

Oil prices eased slightly today after yesterday's bull-run, but new suggestions of Turkish parliamentary support for an incursion into northern Iraq to target Kurdish militancy could re-launch concerns and send the crude price upwards again.

Investors in areas other than gold have been cautious, with the Federal Reserve's next move hotly anticipated and uncertainty still reigning over the deeper effects of the summer's sub-prime crisis.

Oil fears have added to bearishness in markets, with gold bucking the trend through recent weeks and coming off a brief dip to break down the $750 and then the $760 per ounce barriers.

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