GOLD RESUMES RALLY AFTER A DAY OF CONSOLIDATION
Date: 12/04/2012
Gold prices resumed their rally after a day of consolidation and surged over a percent on Thursday as investors added positions with conviction after US Fed officials expressed their inclination towards quantitative easing to spur economic growth. Investors also took refuge under the safe haven after the weaker than expected US jobs data and the depreciation in American greenback against a basket of currencies.
Gold futures for June delivery surged $20.30 or 1.2% to settle at $1,680.60 an ounce after trading as high as $1,681.30 and as low as $1,651.00 an ounce on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices soared 1.07% to $1,675.14 an ounce.
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