{"id":925,"date":"2008-05-13T02:29:42","date_gmt":"2008-05-13T02:29:42","guid":{"rendered":"http:\/\/indonesiajewelry.com\/news\/2008\/05\/13\/gold-extends-gains-on-record-oil-jewelers-active\/"},"modified":"2008-05-13T02:29:42","modified_gmt":"2008-05-13T02:29:42","slug":"gold-extends-gains-on-record-oil-jewelers-active","status":"publish","type":"post","link":"https:\/\/indonesia-product.com\/news\/gold-extends-gains-on-record-oil-jewelers-active\/","title":{"rendered":"Gold extends gains on record oil, jewelers active"},"content":{"rendered":"<p><!--adsense--><\/p>\n<div class=\"lead\">Gold extended gains on Tuesday, adding to a rise of nearly 2% in New York, helped by bargain hunting and record-high crude oil, which enhanced the metal\u00e2\u20ac\u2122s appeal as a hedge against inflation.<\/div>\n<div align=\"justify\">Bullion\u00e2\u20ac\u2122s fall to a four-month low last week also spurred buying from the physical sector, especially in main consumer India ahead of a religious festival. But gold was still trading well below a record of $1,030.80 an ounce hit on March 17. <!--more--><br \/>\nGold rose to to $876.45\/877.45 an ounce from $871.15\/872.55 late in New York on Monday, moving some way above Friday\u00e2\u20ac\u2122s four-month low of $845 an ounce. Gold\u00e2\u20ac\u2122s gains offered support to silver, platinum and palladium. \u00e2\u20ac\u0153Physical demand could provide necessary support and evade a major sell-off at least until the middle of the week, considering the expected buying spree from Indian physical markets,\u00e2\u20ac\u009d said Pradeep Unni, an analyst at V<strong>ision Commodities Services<\/strong> in Dubai. \u00e2\u20ac\u0153The current week is quite critical for gold and may serve as the trendsetter for the weeks ahead,\u00e2\u20ac\u009d said Unni, who pegged resistance level at $888. Dealers reported buying interest from jewelers and bargain hunters in the Middle East, Indonesia and Thailand. Crude oil hit another record at $120.68 a barrel on the back of a weaker dollar and supply concerns in Iran and Nigeria.<\/p>\n<p>Gold futures for June delivery on the COMEX division of the <strong>New York Mercantile Exchange<\/strong> added $4.1 an ounce to $878.2 an ounce. Tokyo precious metal markets were closed for a holiday. \u00e2\u20ac\u0153There\u00e2\u20ac\u2122s a combination of physical buying and short-covering at the lows, but I think the market will still be in a range of $850 to $880 for the time being,\u00e2\u20ac\u009d said a dealer in Hong Kong. \u00e2\u20ac\u0153Holdings on the ETF seem to be dropping a lot, so I don\u00e2\u20ac\u2122t know what people really think about the market right now,\u00e2\u20ac\u009d he said.<\/p>\n<p>Gold bars were quoted at a premium of 30 cents an ounce to the spot London prices in Hong Kong, steady from last week. Gold held in StreetTRACKS Gold Shares, the world\u00e2\u20ac\u2122s largest gold-backed exchange-traded fund, was unchanged at 580.45 tons but down from a record of 663.83 tons in mid-March. (Reuters)<\/p>\n<p>Source: http:\/\/www.bbj.hu\/main\/<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gold extended gains on Tuesday, adding to a rise of nearly 2% in New York, helped by bargain hunting and record-high crude oil, which enhanced the metal\u00e2\u20ac\u2122s appeal as a hedge against inflation. Bullion\u00e2\u20ac\u2122s fall to a four-month low last week also spurred buying from the physical sector, especially in main consumer India ahead of [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[411],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold extends gains on record oil, jewelers active - Directory of wholesale, manufacturers, distributors, importer and exporter in Indonesia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/indonesia-product.com\/news\/gold-extends-gains-on-record-oil-jewelers-active\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold extends gains on record oil, jewelers active - Directory of wholesale, manufacturers, distributors, importer and exporter in Indonesia\" \/>\n<meta property=\"og:description\" content=\"Gold extended gains on Tuesday, adding to a rise of nearly 2% in New York, helped by bargain hunting and record-high crude oil, which enhanced the metal\u00e2\u20ac\u2122s appeal as a hedge against inflation. 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