GOLD CLIMBS IN TANDEM WITH BROADER
COMMODITY COMPLEX
Date: 24/3/2012
Gold amassed over a percent on the
last trading session of the week, climbing in tandem with the broader commodity
complex after depreciation in American greenback against a basket of currencies
underpinned risk appetite for the dollar denominated commodities for holders of
the currencies. The yellow metal prices also got some support from the US
housing reports which showed that home prices rose to highest levels in eight
months despite the decline in single family home sales in February.
Gold futures for April delivery
surged $19.90 or 1.2% to settle at $1,662.40 an ounce after trading as high as
$1,666.30 and as low as $1,641.50 on the Comex division of the New York
Mercantile Exchange, whereas the spot gold prices climbed 1% to $1,660.79 an
ounce.
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