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)
ADVERTISEMENT
ÁKK Cutting Premiums on PMÁP
Parl't Approves Amendments to Legislation on Judiciary
MOL to Acquire Szarvas Biogas Plant
Over 10,000 Students Join 'Smashed' Program to Curb Underage...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
