Weekly Bullions Wrap Up: COMEX Gold Contract Rises By $ 58 In A Week

Gold.....

COMEX Gold has recovered by 4.1 percent 0r $ 58 per troy ounce in the week to closed at $ 1453.6 after testing a low of $ 1321.5 per troy ounce on 16 April 2013. Gold recovered the most in ten months as a heavy rush to purchase the metal shooted the value. Speculators and traders believed that the slide in Gold was too much too fast and therefore they are cashing opportunities to further average Gold at lower levels. Chinese economic growth and calls that Cyprus will sell its Gold holdings resulted in dumping of Gold from higher levels.
The investment demand was a big question that wiped $ 130 per ounce on a single day in Gold on 15 April 2013. Data of jobless claims from US was on a positive side. US Department of Labour said that the jobless claims in US declined to 339000 last week, a level not seen since January 2008. This indicated that the risk appetite in the commodities will improve in days to come. Supporting the yellow metal was the rise in Euro against the US Dollar. The greenback ended the week at 1.3025 against the Euro.
Even after a recovery it is expected that higher levels might see fresh volatility as traders will be lured to book profits amid uncertainty from China and Eurozone. World biggest ETF, SPDR Gold holdings were at 1083.05 tonnes.
Source by Commodity Insights