Gold spot price ranges
USD: 660.00 - 685.50
NZD: 853.45 - 869.25
NZDUSD: .7779 - .8135
It’s been a busy week for gold, first starting with a strong increase in price to US$686/oz on Monday and Wednesday, only to have this reversed down to a low of $660 on Thursday night trading, recovering to $666 during the day.
The price of gold should also been seen in light of New Zealand Dollar exchange rate movements. We started the week just below 0.80c, reached a high of 0.8135 before the turnaround after Dr Bollard announced the .25% hike in interest rates. Currently the Dollar is trading around the .785 mark (after going below .78 early today.)
What is the cumulative effect of these movements on the price of gold in NZ dollars? Not a lot. We’ve sent the spot price move within a $20 margin between $850 and $870.
Looking forward the general feeling amongst gold bullion brokers is still quite positive, with the end of the Indian Monsoon season approaching; the expected demand for gold is likely to increase.
The current outlook isn’t for huge spikes in price but a more controlled growth in gold price. With strikes possible again in South Africa, supply and demand are still strong influences in the future price of Gold.
Gold doors to a bank in Oman
There is a bank in Oman which has gold doors. The gilding of doors goes back to ancient times when fire gilding and later mercury gilding techniques were used on alloys containing gold to produce a gold-rich surface layer. The famous Corinthian Bronze of the Roman Empire is an example of this used in the great gate of Herod's Temple in Jerusalem.
