Gold spot price ranges
USD: 660 - 668
NZD: 874 - 885
NZDUSD: .7551 - .7688
The gold price has been quite stable this week.
The range of movement has been fairly contained between US$659 and $669 this week (that is between NZD $860 and $875)
Oil prices and the weaker dollar are still the major factors behind the scenes with the US dollar firming up slightly against the Euro towards the end of the week, but the spectre of Sub-prime lending is still casting a large shadow over all.
The US economy is still struggling and the concern regarding the high oil price is starting to show. Oil reached another record at $78.77 a barrel, and the concern is currently that this is not likely to drop.
Locally the NZ Dollar has also been fairly flat, with no more major movements after last weekends 5c drop.
StreetTRACKS Gold Trust – the worlds largest Gold ETF (exchange traded fund) reached a record high on Wednesday, showing that the demand for gold investment is still high.
Stop work Strikes by South African gold workers have once again come up. If this continues (and this is an ongoing issue) it may push prices up, as supply will obviously decline from the largest gold producing country in the world.
Interesting story of the week: Don’t forget to check your wife’s handbag for those hidden treasures!
