Thursday, February 23, 2012

Gold breaks free of the $1700 - $1750 range


Gold in New York trade has finally broken free of the $1700 - $1750 range of the last month, exceeding $1780/oz at one point. Reasons for the rise can be somewhat attributed to the tensions in the Gulf, as can also be seen with the WTI Oil price rising to $106 overnight. Although this issue is hardly new, the latest Greek bailout deal no doubt has eased fears of a financial panic hence allowing traders to take a more positive / risk on outlook.

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