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23 August 2011

Gold Takes a Breather After Touching $1,900 per Ounce as Traders Book Profits

Golds stellar run to over $1,900 per ounce in Asian trading falters as inevitable profit taking weighs on precious metal

Gold completed it's latest rally to just over $1,900 per ounce in Asian trade on Tuesday before being weighed down by profit taking in European and US trading.

The yellow metal has enjoyed an incredible run over the last 12 weeks with bullion enjoying an 18% rise this month alone. A pullback seemed likely, though a CME margin hike on Gold last week, has had nowhere near the dramatic effect that was wrought on Silver after a similar move when the white metal almost hit $50 per ounce this earlier year.

Trade in coins and bars in secondary markets remains brisk, with reporting increased traffic as bargain hunters return to the market in anticipation of lower coin and bar prices.

At time of writing 1 ounce American Gold Eagle coins were trading from 4.88% over the London Gold fix.

A limited number of fixed price 1 ounce American Silver Eagle coins were also available from just 14.25% over the London Silver price.

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