Gold settles above $ 1600 with hopes of survival stimulus cash

Gold price technical analysis 30 - May, 2013

Welding gold above $ 1600 an ounce today as investors are still hoping that the central banks take further steps to support the global economy despite the fact that U.S. data have recently suggested that the central bank may not be forced to intervene at the moment.

Precious metal is still circulating in the range of $ 100 since mid-May as the lack of clarity on the possible steps of the U.S. Federal Reserve (central bank) to pay a lot of dealers to refrain from the market, which limit the gains of gold about two percent since the beginning of the year so far.

And settled in the gold spot market little changed at 34.1602 per ounce of $ / ounce / By the time 0632 GMT, after hitting its lowest level in a week and a half at 69.1589 dollars in the previous session.

And settled futures contracts for U.S. gold for December delivery at 10.1605 dollars per ounce.

There have been silver spot and settled little changed at 78.27 dollars an ounce, after it got out of the important level of $ 28 earlier this week.

Platinum rose 3.0 percent to 24.1394 dollars per ounce, while palladium rose 6.0 percent to 47.575 dollars per ounce.