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Gold Settles Atop 1,300 USD Per Ounce
Sep 29,2010 10:34CST
data analysis
Source:SMM

CHICAGO, Sept. 28 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile jumped above 1,310 U.S. dollars per ounce and settled atop the psychological mark of 1,300 dollars per ounce on Tuesday, aided by a weaker dollar and disappointing report on consumer confidence. Silver touched a fresh 30-year high, and platinum resumed its rally.

The most active gold contract for December delivery rose 9.7 dollars, or 0.7 percent, to finish at a record settlement of 1,308. 3 dollars per ounce, the price touched an all-time high of 1,311.8 dollars per ounce prior to the close.

A trader noted gold slumped the most in two month during the overnight session, as investors locked in profits after the bullion hit a string of record highs in two weeks, but the signs of vulnerability quickly faded as the greenback gave up all its earlier gains and dipped even further.

The conference Board said Tuesday that its index of consumer confidence dropped to the lowest level since February this year. And the home price index also dipped in July, underscoring persistent concerns about the strength of the economic recovery.

Gold accelerated gains after the opening, as renewed jitters about a potential economic "double dip" recession fueled flight-to- quality demand for the bullion. And the early dip in gold prices also encouraged investors and jewelers to increase their holdings.

December silver surged 23.6 cents, or 1.1 percent, to 21.707 dollars, the price earlier touched a fresh 30-year high of 21.775 dollars an ounce. October platinum climbed 5.6 dollars, or 0.3 percent, to 1,635.7 dollars per ounce.
 

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