Gold Prices Driven Up The U.S. Economic Recovery

New York : Gold futures rose U.S. $ 5.8 to U.S. $ 1,676.4 per ounce in line with the improving economic data the United States to mark the economic recovery. During the year, gold prices tend to be flat after rising 7% in 2012. While gold in the spot market rose 0.5% to U.S. $ 1,675 per ounce and silver fell 0.3% to U.S. $ 31.7 per ounce. Analysts said the Platinum Group Metals (PGMs) can move higher in a few weeks if the data U.S. showed further signs of economic recovery, although gold can also catch up with the rebound technically. “Gold persist at the level of resistance U.S. $ 1,700 per ounce, “said Adam Sarhan of Sarhan Capital as quoted by Reuter ‘s, Tuesday (5/2 / 2013). PGMs take advantage gained after U.S. car sales figures increased 14.2% in January from a year earlier, with the seasonally adjusted annual sales reaching 15.29 million vehicles. increase also occurred in the platinum price, which jumped 0, 8% to over U.S. $ 1,705 per ounce. This figure represents the highest level in 17 weeks due to lower production of Anglo American Platinum Ltd.. Manufacturer of the world’s largest platinum based in Johannesburg reported a loss in 2012 due to production down 8.8% while costs jumped. Companies also cut production targets between 2.1 million and 2.3 million ounces per year and cut capital spending U.S. $ 1.2 billion. (Ndw)

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