Gold News

Gold Rises in Yen as traders square up for year-end

Gold closed today's Asian dealing up 2% for Yen investors from Friday last week, thanks to a dip in Japan's currency. Hot-money speculators, meantime, are still unwinding their gold bets ahead of year-end, leaving the metal to trade sideways in Dollars, Euros and Sterling.

"I think a lot of people are a bit long, that's why gold doesn't move much even though oil is getting higher," said a dealer in Singapore earlier. "Everybody knows there's going to be year-end book squaring. They want to keep gold below $650 until the end of this year, and you may see some selling-off. For me, $610 will be a good support."

On the foreign exchange markets, the Dollar was buoyed late Thursday by news that US jobless claims fell in the week to Dec.9. And Citigroup issued a note yesterday saying the US economy will accelerate in 2007. It sees the Euro falling to $1.26.

Oh really? For a detailed analysis of the US economy's near future, read the renowned Dr.Kurt Richebächer – click here now...

Adrian Ash

Adrian Ash, BullionVault Gold News

Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver and platinum market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times, MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ, plus Italy's Il Sole 24 Ore.

See the full archive of Adrian Ash articles on GoldNews.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn



Market Fundamentals