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Gold Prices Continue to Rise on Speculation

Amid uncertainty in the US Dollar, central banks around the world will cut borrowing costs, boosting the appeal of precious metals such as gold. Now has never been a better time to sell your unused gold and jewelry for cash, no matter where you are in the world.

“You’re going to see central banks start to cut rates,” said Nick Ruggiero, a trader at Eagle Futures Inc. in New York. “Gold will stay very strong.”

Gold futures for April delivery rose $5, or 0.6 percent, to $910 an ounce on the Comex division of the New York Mercantile Exchange. The price earlier touched $915.20.

Silver futures for March delivery gained 22.5 cents, or 1.4 percent, to $16.775 an ounce. The metal has climbed 12 percent this year.

Gold has rallied 26 percent since Sept. 18, when the Fed began cutting rates because a housing slump and losses in the subprime mortgage market threatened to push the economy into a recession. The fed funds rate is now at 3 percent, down from 5.25 percent in early September.

Source: Bloomberg

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Posted in Precious Metals