Gold prices surge

June 28, 2014

Pakistan (June 28)   Gold climbed towards a two-month high on Friday and looked set to post its fourth straight weekly gain, as weak US data on consumer spending hurt the dollar.

US consumer spending rose less than expected in May, prompting economists to downgrade estimates for second-quarter growth.

The dollar was poised to end the week with a whimper, dropping to a more than one-month low against the yen on Friday after downbeat US spending data gave investors no reason to hope for higher US rates anytime soon.

Spot gold rose 0.3 percent to $1,321.60 an ounce by 0645 GMT, after losing 0.1 percent in the previous session.

Earlier in the week, it hit $1,325.90 - its highest since mid April.

“The technical profile suggests potential for a near-term push to the $1,370-72 area,” ANZ analysts said. “But this would be seen as a medium-term range-defining move, rather than a reversal in the downtrend.”

Source: TheNews.pakistan

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