, IncApril 12, 2010 - The gold price extended its two-week run into three, making successful onslaughts at sales records last week. Weekend numbers ended at $1,162.40, some $6 on top of previous day sales and $36.30 over the previous week’s first quarter-ending sales of $1126.10.
Gold’s run was forecast last week by one analyst who noted that the slight slowdown after the weekend holidays was to be expected and temporary. “Gold is taking a breather, he said. “It will bounce back.”
A parallel run was also recorded in the stock market last week. Before the close of trading day, the Dow Jones Industrial Average surpassed the 11,000 mark but finally settled at 10,997.35 an increase of 70.28 (0.64%) over the previous day. It was DJIA’s highest in 18 moths. Nasdaq gained 17.24 (0.71%) and S&P 500 in creased by 7.94 ().67%).
Meanwhile, the Euro, which has been lethargic for some time, suddenly came alive and turned the tables on the US dollar. It topped the dollar by 0.8% for the first time in almost a week. The Euro had been losing to the dollar and other major currencies this year partly on account of the pressure coming from the Greek Crisis. But reports last week about the agreement reached by finance and central bank officials of member countries of the European Union buoyed the Euro. No details of the agreement had been reported yet but the news was enough to invigorate the European currency.
The gold price is expected to continue its onslaught this week under encouraging signs of an economic recovery both in the US and worldwide.
Ronald Stevens
Senior Staff Writer - GoldPrice.net
