TEMPO Interactive, New York-Gold successfully rose to its highest level in two months last Tuesday (31 / 8), thus pushing the gold price rose 5 percent yesterday in last August. While the price of silver reached its highest level in three months as investors bought both types of metal tersibut for cover against a slowing economic recovery.
Gold for December climbed antaran U.S. $ 11.1 (0.9 percent) to U.S. $ 1,250.3 per troy ounce on the New York Mercantile Exchange. This is its highest level since the end of June last, and only 1 percent lower from record highs of U.S. $ 1,258,3 in June.
The gold price during August rose 5.6 percent yesterday, compared to the months of July and then dropped 5 percent. Silver futures for December contract months also rose to U.S. $ 0.36 (1.9 percent) to U.S. $ 19.43 per ounce, which is also its highest level since mid-May. Silver prices throughout the month of August increased by 8 percent.
Gold and silver prices continued to strengthen due to investor concerns on the course of economic recovery. The gold price had fallen to its lowest level in three months under U.S. $ 1,200 per troy ounce, but managed to come back stronger because a haven safe haven investors.
Meanwhile, copper prices weakened yesterday. For the December contract price declined to U.S. $ 0.6 (1.7 percent) to U.S. $ 3.37 per pound after the investors’ profit taking action. Because the price of this metal has gained quite high in the last four months.
Gold prices rose sharply on Tuesday after house price index S & P Case-Shiller showed an increase during the last three months, which last year rose by 4.2 percent.
Investors await economic reports throughout much this week, including labor data will be released later Friday.
Suki Cooper, analisdari expectations of Barclays Capital says the gold jewelry demand from quarter to quarter to make the price keeps rising. “U.S. macroeconomic data greatly affect trade in gold and a peak this week is the labor data that will be announced next Friday,” said Suki. On the other hand, the physical demand for gold has also increased after the price had come down, it’s a good sign for gold prices.
The price of palladium for December contracts also rose to U.S. $ 1.75 (0.4 percent) to U.S. $ 501.85 per ounce. While platinum prices actually fell to U.S. $ 9.6 (0.6 percent) to U.S. $ 1523.5 per ounce.