Oz forex

Oz forex

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900 a troy ounce level, said traders and analysts. Despite gold’s stellar run higher since the start of the new year, market commentators discounted the likelihood of a correction or consolidation, given uncertainties in the wider financial market that traditionally attract investors to the safe-haven of bullion. Market perceptions of the likelihood of a U. Goldman Sachs last week forecasting a recession as the housing slump and credit market turmoil spill over into the broader economy, again highlighting gold’s investment qualities during gloomier times. The market remains on edge for further bearish economic news in the U.

Citigroup results this week, a Sydney-based trader said, and a slew of U. Overall trading activity was thin because of a national holiday in Japan. The benchmark June contract settled CNY1. SHFE gold is likely to remain rangebound in the near term,”with domestic investors still trying get themselves familiar with the new product, said Zhang Feiran, an analyst at Orient Securities Futures. Spot gold traded on the Shanghai Gold Exchange ended higher on global gains.