Tuesday, September 25, 2012

Gold futures prices for 9/26/2012

Gold futures prices for 9/26/2012, gold prices prediction september 26 2012 : Gold futures moved higherTuesday, after a report revealed world central banks increased holdings of the precious metal, while recent stimulus measure also bolstered demand.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,764.85 a troy ounce during U.S. morning trade, easing higher by 0.01%.     

Gold futures rose to a high of USD1,787.55 a troy ounce  Thursday, the highest level since February 29.

Gold prices were likely to find short-term support at USD1,751.95 a troy ounce, the low from September 18 and resistance at USD1,792.25, the high from February 29.

Gold prices were boosted after a report from the International Monetary Fund showed that word central banks increased their holding of the precious metal in July and August, continuing a pattern among central banks to hold more bullion.

The IMF's international finance statistics report said South Korea raised its holdings of gold by nearly 16 tonnes in July. The country has doubled its bullion reserves in the past 12 months after being one of the largest gold buyers in 2011.

The report said Paraguay boosted its reserves from a few thousand ounces to more than 8 tonnes in July.

Demand for gold continued to remain underpinned by expectations central banks around the world will continue to introduce monetary easing measures to stimulate the global economy.

Gold futures have gained nearly 10% since the beginning of August, buoyed by recent stimulus efforts by major central banks around the world.

In the U.S., a report by the Conference Board said that its consumer confidence index rose to a seven-month high of 70.3 this month, compared to expectations for a reading of 63.0.

A separate report by Standard & Poor’s and Case-Shiller showed that house price inflation rose more-than-expected in July from a year earlier.

The S&P/CS House Price Index rose to a seasonally adjusted annual rate of 1.2% in July, the biggest 12-month advance since August 2010, compared to expectations for a 1.0% increase.

The dollar index, which tracks the performance of the U.S. dollar against a basket of six other major currencies, was down 0.06% to 79.53 following the data.

Elsewhere on the Comex, silver for December delivery slipped 0.22% to USD33.910 a troy ounce, while copper for December delivery advanced 0.65% to trade at USD3.755 a pound.

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