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Gold and platinum rally on weak dollar
Gold rallied to its highest level in a month on Wednesday after oil struck another record over $130 a barrel, and platinum jumped more than three per cent as strong fundamentals and a weaker dollar spurred buying.
- Reuters
- Published: 00:08 May 22, 2008
London: Gold rallied to its highest level in a month on Wednesday after oil struck another record over $130 a barrel, and platinum jumped more than three per cent as strong fundamentals and a weaker dollar spurred buying.
Spot gold hit a high of $927.00 an ounce, its highest since April 21, up from $920.20/$921.40 late in New York on Tuesday but below a record high of $1,030.80 hit on March 17.
"I am looking at $935-$940 for nearby resistance After that, we will be looking at $950-$955," said Adrian Koh, an analyst at Philip Futures in Singapore. "It looks gold and platinum could go up some more."
Spot platinum rallied to a high of $2,198.50 an ounce, its highest level since March 6, up from $2,133/$2,153 in New York. Platinum powered to a record at $2,290 an ounce on March 4 after a power crisis in main producer South Africa disrupted mining and sparked fears of a supply deficit.
"I have to say the strong short-term uptrend on platinum is still intact and there's probably more upside to come and that could probably go well with more upside on gold," said Koh.
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