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Силы быков и медведей по баксу равны. Metals - Gold consolidates near $940/oz, strong oil, dollar weakness supports
LONDON (Thomson Financial) - Gold consolidated near $940 per ounce on Wednesday, following strong gains in the previous session, with record oil prices and volatility in the dollar continuing to support precious metals during the ongoing economic turmoil.
At 9:53 a.m., spot gold was trading at $938.60 per ounce against $943.00 per ounce in late New York trade on Tuesday. Gold on Tuesday rose by more than $15, at one point touching $945.83, its highest price since mid-April.
Rising inflation fears stoked by record oil prices of more than $140 a barrel, U.S. dollar weakness and continuing economic instability stemming from the credit crunch has seen gold rise by almost 10 percent since June 24.
"With safe haven as well as inflation hedging likely to draw further demand towards the gold market the metal looks set to make further upside progress," said James Moore at TheBullionDesk.com. "Having cleared $935, gold should look to challenge the highs around $953 to $955 set in March and April, which if breached should clear the way to challenge resistance around $990," he said.
Heightened speculation that Israel could be planning a preemptive strike on Iran's nuclear facilities has also boosted the precious metal, due to its safe haven properties, analysts said.
With major equity markets in the United States and the United Kingdom down by as much as 15 percent so far this year, some analysts believe gold could see further buying as investors look to alternative investments.
"This could garner more support for precious metals today as investors hedge portfolios against risky equity markets," said Manqoba Madinane at Standard Bank.
Gains were capped Wednesday morning by profit-taking, following gold's surge higher in recent days, with some investors waiting to see the European Central Bank's interest-rate decision, which will be released on Thursday at 12:45 p.m. BST.
The ECB is widely expected to hike interest rates by 25 basis points, which could weigh further on the U.S. dollar, currently at $1.58 against the euro. The near 30 cent decline in the dollar's value against the euro since the start of 2007 has been one of the major drivers of gold's move higher.
The precious metal has added over $300 per ounce in the last 18 months, with gold bought as an alternative to the most common form of global currency reserves.
Rising prices have been slowed by falling physical demand, with jewellers keen to wait for price dips before entering the market.
Among other precious metals, platinum was flat at $2,078 per ounce, while sister metal palladium slipped to $462 per ounce from $469.25 per ounce. Silver dipped to $18.09 per ounce from $18.19 per ounce.
d.sheppard@thomsonreuters.com
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