16 March 2010
Spot Gold Price Pops Above $1,120
Gold breaches $1,120 level on weaker Dollar and lower housing starts
Spot gold breached the $1,120 level at lunch time in London on poor U.S. housing starts (down 5.9% on January) and comments from the Obama administration that unemployment will be elevated for an "extended" period weakened the U.S. dollar boosting the Golds appeal to investors. Meanwhile a rally in crude oil added support for metals.
At BullionSupermarket.com, a surge in interest in Gold Bullion categories saw interest 120% above average levels, with unusually high interest in Eagle, Philharmonic and Krugerrand Gold Bullion coinage.