Tuesday, September 8, 2009

Sideways movement for gold.

Gold continued its rally yesterday supported by a weaker US dollar although the trading session was rather quiet because of US Labour Day. The gains are placing gold one step closer to the psychological important $1000.00/oz level which is likely to be tested in the near future. However some analysts pointed out that demand in India and the Middle East remains weak so the recent rise will need to get support from a strong investors' interest. Silver rose with gold posting another record high for the year at $16.370/oz and its outlook is even better given that the precious metals market still considers silver undervalued compared to gold.

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