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Gold Soars to $655 on Iranian Nuclear Fears.
Gold futures rose Friday to a level they haven't seen since late 1980, rebounding from the previous session's loss of almost $655 an ounce, while silver prices climbed as much as 4% as the first U.S. silver exchanged-traded fund began trading.
"Physical interest in Asia overnight has lifted [gold] back above the $635 level, and with most of Asia and Europe closed Monday for May Day holidays, traders are likely to be reluctant to go home short given the current geopolitical picture," said James Moore, an analyst at TheBullionDesk.com.
Gold for June delivery was last up $10.70 at $647 an ounce on the New York Mercantile Exchange after rising to $647.50, a more than 25-year high. The contract closed down almost $6 on Thursday after China boosted interest rates, raising the prospect of lower metals demand from the world's most populous country.
"The precious-metals markets are experiencing significantly higher volatility than we've seen in quite some time, and that can signal that a retracement may be in the offing," said Dale Doelling, chief market technician at Trends In Commodities.
"But it's looking more like a consolidation at this point and, barring an all-out collapse, the trends in all of the metals markets remain favorable," he said. June gold has strong support at its recent low of $610.50, he added.
UBS raised its 2006 and 2007 gold price forecast earlier, predicting that continued investment-fund demand for commodities will support price gains.
"Fund flows into commodities have been more vigorous than anticipated; supply response remains anemic," said analyst Daniel Brebner.
UBS is raising its 2006 gold price forecast 12% to $630 an ounce and its 2007 forecast 25% to $750 an ounce.
Traders are also awaiting news from Iran today, with the United Nations nuclear watchdog due to present a report on that country's nuclear-research program to the Security Council.
Iranian President Mahmoud Ahmadinejad said his country "does not give a damn" about U.N. resolutions that seek to stop it from enriching uranium because of fears the country is planning to develop nuclear weapons, the BBC reported.
Look for Gold to keep going up.
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