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Gold Holds Steady as ETF Demand Increases

Commodities / Gold & Silver Sep 26, 2007 - 10:30 AM GMT

By: Gold_Investments

Commodities Gold
Gold traded sideways again yesterday and spot gold ended the trading day in New York down 30 cents to $730.80.

In overnight trading in Asia and Europe gold has again traded sideways and to $730.50/731.00 per ounce as at 1200 GMT.



Gold looks well supported as the dollar has again weakened against the euro overnight and hit a new all time low against the euro at 1.4161.

- The durable goods orders figures for today were far worse than expected. Demand retreated for expensive goods in August, and a barometer of business spending fell, sharpening concern about the effect recent financial turmoil might have had on the mood of corporate America. Orders for durable goods decreased by 4.9% last month to a seasonally adjusted $219.53 billion, the Commerce Department reported. This will put additional pressure on the USD.

- Economic news from the U.S. yesterday was horrendous and this will likely keep the dollar under pressure and lead to a safe haven bid in gold.

- Increased demand for bullion is seen in the huge growth in the demand for gold ETFs internationally. Bloomberg reported that gold held in exchange traded funds reached 823 metric tons, exceeding the holdings of the Bank of Japan, according to Credit Suisse Standard Securities. Bullion held by funds such as Lyxor Gold Bullion Securities on the London Stock Exchange "is now number seven in the world when you benchmark it against central bank holdings,'' analyst David Davis said. The Bank of Japan held 765 tons at the end of 2006, International Monetary Fund figures show.

- Peter Hambro said that gold will reach $1000 in the coming months.

- Gold's increasing use in medicine was seen in the news that gold dust could be a valuable new weapon against cancer - helping to "smuggle" drugs past the body's immune system and into tumours. Scientists have succeeded in attaching molecules of an anticancer drug to gold particles just a fraction of the width of a human hair.

Forex and Gold
With the very bad economic releases from the U.S. yesterday, the USD again hit a new all time low against the euro at 1.4161. Analysts see 1.45 as the next level of resistance.

The USD has fallen to a new low mark on the U.S. Dollar Index at 78.255. It nearly broke below its support at 78.19.

Market players are keeping a close eye on whether the dollar breaks the all-time low of 78.19 struck on its trade-weighted index in 1992, a level that analysts said would provide a key test of whether the U.S. currency's sell off deepens or pauses.

Silver
Spot silver was trading at $13.43/13.45 (1200 GMT).

PGMs
Platinum was trading at $1342/1348 (1200 GMT).
Spot palladium was trading at $338/344 an ounce (1200 GMT).

Oil
Oil prices eased again Tuesday but remain near record highs near $80 per barrel.

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