Morning Reads
* “Gold prices continued its northward journey as the investors in the international markets are shifting their funds into gold due to depreciation of the dollar against all leading currencies of the world. Market pundits feel that prices of the yellow metal is expected to remain firm,” reports IndiaTimes.
* So far gold prices have gained 6% in October, touching fresh nominal highs almost daily. Meanwhile the U.S. dollar index has slid to 14-month lows. Last Friday Fed Chairman Ben Bernanke talked the dollar up slightly saying the Fed “will be ready to tighten monetary policy as a recovery takes hold.” Economists don’t expect the Fed to lift rates until well into 2010.
* Dollar facing ‘power-shift’: “The US dollar is being hurt by the continued talk of a shift away from a dollar-centric world. As long as the US economy is not strong enough for any rise in interest rates to be conceivable for a long time, the dollar’s underlying downtrend will remain in place” said Kit Juckes, an analyst at currency traders ECU Group,” reports AFP.
Categorised as: Gold News