Gold $1112 oz US Dollar Recovers against Euro

Gold drops awaiting Interest Rate Decisions

Wednesday Feb 3rd 2010

Gold Prices faced an initial drop in market price early Wednesday as the dollar rallied limiting the hedge investment appeal of Gold as an investment precious metal. The Gold market has been hovering around $1100 for the past couple of weeks after the recent records of plus $1200. Gold market rates bounced back modestly throughout Wednesday and reached around $1112 after the recent sub $1100 area. Gold futures for April remained choppy after a bounce upwards of about $6 to reach the $1112 per Troy Ounce level.

Last week the Gold market faced a down turn in price to touch around $1075 levels due to the China ceased its lending spigot, generating obvious concerns in the markets. Experts are predicting that the Gold rate could follow currency trading in the coming week or two, based on the up-coming interest rate change decisions of Europe Central Bank and The Bank of England and how they decide to proceed with interest rates. Dollar rates recovered verus Euro currency on Wednesdsay which is makes US$ vs EURO back to near the previous 6 month top levels of approximately 1 - 1.59 with the currency.

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