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18 April 2011

Gold touches new records as market digests US debt warning

US debt warning and Eurozone woes drive gold price to new highs

Volatile Gold bounced about today in London trade as a trio of news stories weighed on the market. The news that Moodys cut the outlook on the United States AAA debt rating to negative weighed on the American currency boosting the yellow metal.

Yet at the at the same time, the double whammy of the commencement Portuguese bailout talks and rumors of a Greek debt restructuring hurt the Euro.

As such, a falling Euro saw a decisive break-out of Gold in Euro terms (of 1.8%), having been range bound between 1,000 and 1,030 Euros per ounce over the previous month. Gold in US Dollar terms remains within striking distance of $1,500 per ounce.

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