Gold prices up for second day TEL AVIV (MarketWa
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Gold prices up for second day
TEL AVIV (MarketWatch)—Gold and other precious metals rose for a second day on Friday, with analysts calling the commodity’s recent price resilience encouraging and backed by a number of factors.
Futures on the yellow metal for December delivery (CNS:GCZ2) were up $7.20, or 0.4%, to $1,733. This in the face of a stronger dollar, which normally hurts the metal because it becomes more expensive for holders of other currencies.
The dollar index, (NYE
XY) benchmarking the buck against a basket of six rival currencies, was recently up 0.2% at 80.93.
“Gold prices managed to reclaim $1,730 on Thursday. The fact that gold prices rebounded quickly from last Friday’s drop is an encouraging near-term signal,” Credit Suisse analysts said in a Friday report.
Gold futures last Friday slumped more than $40 an ounce after a U.S.- government jobs report came in stronger than expected. The metal closed that day at $1,675
http://www.marketwatch.com/story/gold-prices-...2012-11-09
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