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Gold Watch: Sideways trading at $900/oz
Posted on June 20, 2008
Gold for August delivery closed down 50 cents at $903.70 an ounce on the New York Mercantile Exchange, but gained 3.5% for the week. MarketWatch reports: Gold futures closed with a modest loss Friday but remained above the $900-an-ounce level to finish the week. Long- and short-term investors, with their eyes on the dollar and oil, took gold prices higher, said Julian Phillips, an analyst at GoldForecaster.com. If good news for oil doesn't push it down, what will? asked Phillips. It seems the market doesn't want talk - it wants action [and] until it gets it, the prospects are good for go...
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