Monday, February 28, 2011

gold prices outlook 28 february 2011 - Gold rises above $1,410/oz

gold prices outlook 28 february 2011 - Gold rises above $1,410/oz : Gold rose above $1,410 an ounce in Europe on Monday as turmoil in the Middle East region lifted safe-haven buying and fuelled a fresh spike in oil prices, stoking concerns over U.S. growth and knocking the dollar.

Spot gold was bid at $1,411.15 an ounce at 12:28 SA time, against $1,409.15 late in New York on Friday. U.S. gold futures for April delivery rose $2.50 an ounce to $1,411.80.

The metal is currently on track for its biggest one-month rise since last August, but analysts say more may be needed to take gold above its record high at $1,430.95 an ounce.

Unrest across the Middle East and North Africa, which unseated leaders in Tunisia and Egypt before spreading across Libya, Bahrain, Yemen and, most recently, Oman, has fuelled a 6 percent rise in gold prices this month.

“(Gold) found a bit (of support) early on after the news from Oman overnight. Overall it is making a slow grind higher with a lack of conviction,” said Ole Hansen, senior manager at Saxo Bank.

“As long we have all this uncertainty, precious (metals) should prosper, but from the price action in gold over the last couple of weeks some escalation is needed in order to bring prices higher into new territory.”

Omani police fired rubber bullets at stone-throwing protesters demanding political reform on Sunday, killing two people, and demonstrators set government buildings and cars ablaze, witnesses said.

In Libya meanwhile, rebels awaited a counter-attack by Muammar Gaddafi's forces after the country's leader defied demands that he quit to end the bloodiest of the Arab world's wave of uprisings. Rebels holding Zawiyah, 50 km west of Tripoli, said about 2,000 troops loyal to Gaddafi had surrounded the city.
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