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Market: NYSE
Sector: Gold Mining
EPIC: GLD
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Gold
www.gold.org

Gold is a chemical element with the symbol Au and the currency code is XAU. It is a highly sought-after precious metal which, for many centuries, has been used as money, a store of value and in jewelry. The metal occurs as nuggets or grains in rocks, underground "veins" and in alluvial deposits. Modern industrial uses include dentistry and electronics, where gold has traditionally found use because of its good resistance to oxidative corrosion.

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Gold bounces back as US dollar cools slightly against Euro

1st Feb 2010, 2:34 pm

Gold prices improved after slipping below $1,080, after the US Dollar continued its rally, getting support from Friday’s updates on the Q4 US GDP, which rose 5.7% to beat market expectations, and the Chicago PMI (Purchasing Managers Index), which increased to 61.5 from 58.7 in December, signalling higher industrial activity in the Midwest.


The greenback eased 0.4% against the euro today, cooling off after the surge and propping up gold, which is seen as an alternative investment to the US currency. The yellow metal’s appeal as an inflation hedge increased last week after the Federal Reserve decided to leave the interest rates at near zero.


Gold improved to US$1,085/oz, while other precious metals followed with silver and platinum climbing to US$16.37/oz and US$1,520/oz respectively.


The yellow metal has been in selling mode so far this year as holdings in the largest gold back exchange fund SPDR fell 1.9% to 1,111 tonnes during the previous month compared to growth of 8.1% in January 2009.


Miners were mixed with silver and platinum focused stocks making gains, while gold producers retreated.

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