News // Metal market
Gold Nears One Week High
14 October 2010 , 11:00Reuters1451
Gold's inverse relation to the U.S. dollar, which fell to its most negative in six months in early European trade, helped push bullion prices to their highest since last Thursday. The Fed officials who gathered on Sept. 21 focused both on the possibility of buying more longer-term U.S. government debt to drive borrowing costs lower and ways to nudge the public into expecting higher levels of inflation in the future to spur spending, the central bank said on Tuesday. The dollar came under broad selling pressure against the Swiss franc, the Japanese yen and the euro, which benefitted in turn from hawkish comments from European Central Bank Governing Council member Axel Weber.
"It's really a dollar-driven market right now, where the metals are concerned ... and as long as that continues, the safe-haven buying will continue," said MKS Finance head of trading Afshin Nabavi.
Adding to the bullish tone in gold was Goldman Sach's decision earlier this week to raise its 12-month price forecast for gold by about 20 percent to $1,650 an ounce. "A lot of people are looking at that and saying 'let's not sell here'," Nabavi said.
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