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Gold Rises Above the 25-Year High
There is heavy profit taking for spot price
By: Diamond World News Service
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Apr 8 2006 12:00AM
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Reference: 313  

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Gold futures on the New York Mercantile Exchanges COMEX division touched $601.90 an ounce for the first time in 25 years, Reuter’s reports. “A lot of short-term funds have been shifting heavily into gold and other commodities since the start of the new quarter,” said Akira Doi, director at Daiichi Commodities Co. Ltd.“The spot price could go over $600 at any moment but at that point were likely to see heavy profit-taking,” Doi added.

Investment jewellery demand, mainly in India and the Middle East, has been the most affected by the price surge and at current levels is likely to fall by 30 per cent to total 1,058 tonnes in 2006 over the previous year (1,502 tonnes), according to The Yellow Book, a biannual report published on April 3rd, by Virtual Metals Research & Consulting.

“Its feeding off itself,” said Jessica Cross, chief executive of Virtual Metals. “There are vast walls of money going into all the commodities, and gold and silver are benefiting,” she added. If prices continue to remain at current levels, the international gold market is expected to swing to a surplus of 422 tonnes in 2006 from a deficit of 310 tonnes in 2005, the report added.

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