Oil & Dollar: The growing influence on Gold
Gold’s strong rally off the mid August lows continued unabated through the month of October as a conjunction of factors spurred investor buying and pushed prices just shy of the $ 800 mark.
The month saw a growing flight to safety buying as investors sought refuge from a second wave of credit turbulence. Sustained weakness in the dollar, which sunk to a new all time low against the euro, after successive interest rates cuts by the Federal Reverse and soaring crude oil prices added to the underlying bullishness in the market.
Prices in the domestic market were largely influenced by global factors, however the appreciation of the rupee had a moderating effect on the extent of bullion price increase over the month in the domestic market vis-à-vis the international market. The price of gold and silver rose by 3.90% and 2.35% respectively in Indian markets compared to rise of 6.33% and 3.96% in the international market. (commodityonline)
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