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Monday, July 25, 2011

Gold hits $1,624/oz record high before pulling back

Gold prices reached new records in London and New York, and then slow down the pace with fluctuations above the threshold of $ 1,620 an ounce. It is now oscillating around $ 1,621 after reaching a record high of 1624.07 in London and the peak of 1624.30 in New York, in a market that is concerned about the difficult negotiations on the U.S. debt and the debt crisis of the Eurozone. There was a very sharp move higher on gold in early trading coming out of the weekend. It went close to vertical for the first 45 minutes of trading and hit a new high of $1,624/oz . Prices have pulled back from the highs, but are holding above the previous resistance/range.

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