19 Feb, 2007
Gold rises above $650
Published: 07/02/2007 12:00 AM (UAE)
ReutersLondon: Gold rose above $650 an ounce yesterday on firmer oil and a slightly weaker dollar, and analysts said it could jump if it holds onto recent gains a bit longer.
Gold broke the $650-an-ounce mark several times last week but profit-taking pushed down prices, which have risen about nine per cent since January 5 when it fell to a two-month low.
Spot gold was quoted at $653.40/$654.10 an ounce by 1052 GMT, higher than $649.00/$649.70 late Monday in New York when it rose about $2 on renewed buying interest from funds.
Solid base
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"The market has been able to consolidate around $650 which should be a solid base. The positive feeling for commodities over the last couple of days and the ongoing dollar weakness are very supportive for gold," Frederic Panizzutti, Germany-based analyst at MKS Finance, said.
"We will not be surprised if further inflow of investment in gold happens. The longer we can hold the $650, the stronger the base will be."
Oil bounced back above $59 a barrel as the coldest weather of the US winter was expected to draw down heating oil stocks.
