With U.S. and European debt generating huge concerns among investors, gold continues to push up, increasing by $3 to $1,588.50 an ounce at the Comex division of the New York Mercantile Exchange for August delivery.
Gold has reached as high as $1,594.90, as it presses toward the $1,600 an ounce mark.
The euro was up 0.33 percent against the dollar, while the dollar index remains flat at $74.96.
Uncertainty in the U.S. and Europe continues to be the determining factor in the price of gold during this time, and the hint toward the Federal Reserve being ready to pour more money into the market and further devalue the U.S. dollar is more fuel to the gold price fire.
Also on the back of the minds of investors is the inflation situation in China and India. India just announced inflation climbed to 9.44 percent in Junem up form 9.06 percent in May. Production prices in the U.S. also help gold, and silver as well, falling 0.4 percent below what was being looked for.
Barrick Gold (NYSE:ABX) and US Gold Corp (NYSE:UXG) have been the recipients of bullish call activity recently, with investors acquired 53,000 call options in comparison to 20,000 puts.
US Gold has heavy call activity for November. The share price has been jumping since it hit $5.82 on Monday. It was trading at $6.65, as of 10:59 AM EDT.
A number of gold miners have pulled back after jumping in early morning trading. Goldcorp was at $54.01, falling 0.23, or 0.42 percent, as of 11:00 AM EDT. Yamana Gold (NYSE:AUY) was at $13.01, down $0.14, or 1.06 percent. Eldorado Gold was trading at $17.76, declining $0.01, or 0.06 percent. NovaGold was at $10.06, dropping $0.21, or 2.04 percent.
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