Market Report – Gold at $1000

In today’s market report… gold futures cracked the $1,000 level in Asian trading. It comes as doubts about the U.S. dollar’s strength and global economic recovery resurfaced.

But traders doubted gold will keep the six-month peak, particularly if risk-aversion waned and equity markets resumed gains.

Global gold demand fell almost 10 percent in the second quarter as recession curbed jewelery demand, falling over 30 percent in India alone.

Regional companies linked to mining or gold were mixed in the wake of the move with Australia’s Lihir Gold gaining and China’s Shandong Gold dipping.

Overall, Asian shares edged higher by midday, with food-related firms gaining on Kraft’s $16.7 billion for Cadbury, boosting hopes of more sector acquisitions.

(NTDTV)