Gold Continues at Elevated Levels on Dollar Weakness, Higher Oil Prices

Source: Thomson Financial (London)  (10/11/07)

'Nobody seems to want to talk about the fact that the Dow is, itself, at near all-time highs while gold is climbing the wall of worry,' said Kitco analyst, Jon Nadler. 'Someone has to wonder which market blinks first.'

Gold continued at elevated levels after punching through another near 28-year high this morning, as dollar weakness and higher oil prices gave bullion a fresh boost.

However, the precious metal is still below the 750 usd level, having added only 5 cents to last Monday's high of 747.75 usd before running into resistance just below the psychologically important level.

Gold's push up yesterday came as it moved as usual in the opposite direction to the dollar, and as market players looked to hedge against rising inflation led by firmer commodities...

'Nobody seems to want to talk about the fact that the Dow is, itself, at near all-time highs while gold is climbing the wall of worry,' said Kitco analyst, Jon Nadler. 'Someone has to wonder which market blinks first.'

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