GOLD REMAINS UNCHANGED ABOVE $950 ON MONDAY

Updated: 08/24/2009 23:01
Reprints/Permissions  Hyip Monitor

On Monday gold remained steady at the level above $950 an ounce pausing after touching a one-week high near $960 the previous session, as light buying was encouraged by extended gains in oil and equities markets.

Spot gold was at $952.60 an ounce at 0226 GMT, almost flat from the notional New York close of $952.65.

"Gold is being underpinned by buying from speculators, with the euro's recovery above $1.43 and a rally in oil to the year-to-date high levels increasing their risk tolerance," said Shuji Sugata, manager at Mitsubishi Corp Futures & Securities' research team.

"But such buying is not sustainable. They stop buying when gold rises towards $960, which looks like an initial resistance," he said.


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