Gold Can Tap 1200 Dollars in End of Year
November 18th, 2009 - By admin - Posted in NewsSince the financial crisis erupted last year, gold prices continue to shine and diligent record-carve a new record. Seeing the global economic recovery that has not shown a bright spot, analysts expect the gold price going into 1200 U.S. dollars per troy ounce at the end of 2009.
It’s not just retail investors who captivated the yellow glow of light. Central banks in several countries joined the gold hunt and make it as reserves. After India bought 200 tons of gold, now turn that Mauritius will buy 2 tons of gold from the International Monetary Fund (IMF).
The trigger is, exchange rate U.S. dollar (U.S.) who continued sluggish. Two days ago (16/11), the U.S. dollar index touched its lowest point this year in 74.89.
Herry Setyawan, Indosukses Futures analyst said, weakening the green back to investors panicked and quickly changed their dollars into other assets. “That’s why some countries the central bank shifted their international reserves from U.S. dollars into gold,” said Herry, yesterday (17/11).
The strengthening gold prices also boosted other commodities prices rise, as world oil and crude palm oil. With a variety of drivers, the analyst Asia Kapitalindo Ibrahim, estimates, in the near future gold prices could touch U.S. $ 1150 per troy ounce.
Moreover, he added, the economic crisis have recovered quickly. “In the U.S. there are 480 banks are not healthy. Of that amount, only 49 banks liquidated. So stoked concerns the market,” said Ibrahim.
Herry predict, could track the gold price 1200 U.S. dollars per troy ounce. “World gold reserves also need to be considered given the continued flow of gold demand,” he said.
Until 21:00 pm yesterday, sending the price of gold in the December 2009 NYMEX Comex Division reached 1132 U.S. dollars. Since the beginning of the year the price has gone up 27.16 per cent.
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