Go Finance Reporting in SINGAPORE - The price of gold was observed to be rallying on the weakening United States dollar (U.S.) and a stronger euro, supported by expectations the European Central Bank (ECB), the signaling will raise interest rates.
As quoted by Reuters on Thursday (06/09/2011), in the spot market price of gold rose $ 1, 39 to USD1.538, 19 per ounce. At previous sessions, the gold price had dropped half a percent. Gold in U.S. GCcv1 slightly changed to USD1.539, 40.
The price of gold has moved in the range of USD1.530-USD1.550 this week, with market players are still looking for clues on U.S. monetary policy related to subsequent stimuli.
Fitch downgraded the U.S. warned it would be a sovereign default in August if the government fails to pay the debt securities that mature on August 15.
Investors are still waiting for the tribe by the European Central Bank (ECB) to which is likely to raise interest rates in July. (GoFinance)
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