Go Singapore Finance Report - Gold prices moved back down in line with the weakening stock market which triggered softening of conditions in Egypt. But low commodity prices may spur safe-haven bargain hunting in the afternoon.
As quoted by Reuters on Wednesday (02/02/2011), in the spot market price of gold fell $ 1, 50 to USD1.338.95 per ounce. Far below is the highest level in USD1.430 in December. Transactions seem to increase before the turn of the Chinese New Year Celebration (Lunar).
Meanwhile, gold prices in the futures market for April was steady at USD1.340, 5 per ounce after earlier gained approximately $ 5 higher in the middle of the U.S. dollar weakened.
The demand for gold bars jumped to its highest position for more than two years in Tokyo on Tuesday and could rise further. As a result the supply of gold to the trading centers in Asia to be very tight.
Earlier, Egyptian President Hosni Mubarak said Tuesday he will resign in September. He offered his party negotiations to that challenge by holding a demonstration to demand the government that has ruled for 30 years to be terminated immediately. (GoFinance)
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