Gold hits longest quarterly gain rise in 30 years

Thursday, 31 March 2011 03:47

Gold hits 1.429.97 in morning trading in the UK, this is the longest quarterly gain rise in 30 years. Gold for June delivery traded 1,431 on Comex in New York. Continual global unrest and ongoing issues in the Eurozone are giving the commodity solid support for the short term.

There were also reports that gold demand in China was skyrocketing.  Mineweb reported that China's English Language TV station said gold demand is extremely strong. The country consumed 579.5 tons, or 18.5 million ounces, in 2010, according to the World Gold Council, and there have been rumors that China's central bank has been buying recently.

Tags: , , ,

This entry was posted on Thursday, March 31st, 2011 at 15:47 and is filed under Forex Market Commentary. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

DISCLAIMER: This material (written and attachments) is considered a non-binding marketing communication and does not contain investment advice, investment recommendations or any offer or solicitation for any transactions in financial instruments in any jurisdictions. Mega Trader FX does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information provided. Any expressions of opinion are subject to change without notice and opinions made may be personal to the author and may not reflect the opinions of Mega Trader FX. This content must not be reproduced or further distributed without the prior permission of Mega Trader FX