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Gold Still Good 12/10/2011

Written By batlax on Wednesday, October 12, 2011 | Wednesday, October 12, 2011

Hello everyone... :) At this time I will give you an idea of ​​the movement of gold. Gold bar premiums in Hong Kong have risen to $3/oz, their highest since February and are at 50 cents/oz in Tokyo.

Although prices have surrendered some of Monday’s gains in early trade this morning, they continue to trend higher. As the dollar weakened against the euro, Palladium was the strongest performer Monday gaining 4.2% to close at $610.3/oz while gold gained 2.2% to settle at $1674.9/oz ahead of Slovakia’s first vote in Parliament today on the approval of the enlarged powers of the EFSF.

Prices have drawn comfort that European policymakers may be getting closer to a comprehensive and coordinated effort to address the deterioration in sentiment toward euro area banks. Our economists note the central bank announcements of unconventional measures are a first important step towards this.