8
March
Gold Flat; Upside Expected As Dollar Declines
8 March 2010 Bloomberg.com
Gold futures are trading flat in the Asia morning session today, however an upside move is expected as dollar declined and oil futures trade near $82 a barrel.
Last week gold gained nearly $20 on monetary tightening spree in Asian countries. The international gold futures bottomed out from near 3 month lows of around $ 1045 levels in early February and have rallied by over $100 to near $ 1145 per ounce levels. The factor that may hinder rally in metal is expected rise in the US dollar next week in the afterglow of a better than expected non farm payrolls data and as Euro continues to struggle on ongoing concerns about Greek fiscal problems.