Gold price up in CFD trading
July 29th, 2010Gold edged higher yesterday (July 28th) as some investors looked to take advantage of a three-month low.
Marketwatch reports the commodity for delivery in August added $2.40 (£1.54), equivalent to 0.2 per cent, to rise to $1,160.40 an ounce in CFD trading.
FactSet Research stated an intraday high of $1,165 an ounce was hit.
Matt Zeman, a trader with LaSalle Futures Group in Chicago suggested it may be a while before gold sees price gains in a meaningful way due to the technical damage caused by Tuesday’s lows.
"We’re going to need some type of catalyst for the market bulls to regain the upper hand," Zeman added.
Gold had lost 2.1 per cent on Tuesday to settle at $1,158 an ounce, its lowest price since April 26th.
Reuters recently reported strong US home sales data had damaged the appeal of gold, which is often seen as a safe haven commodity.
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