When European traders join the trading, gold will rise extremely
Gold prices firmed yesterday after the natural disaster in Sri Lanka and Thailand, happened on Sunday.
So, at NYMEX ACCESS gold trade Monday morning, when Asian traders dominate among the participants of the trading, the price of gold was hovering between $440,80 and $444,90 an ounce. The price has not yet overstepped the level of $445, however, spot gold prices have already settled higher than markings, registered before the Christmas holidays.
Great tsunami wiped out thousands of miles of coastline from Indonesia to Somalia, leaving more than 23 000 people aggrieved.
Experts believe that gold price?s strengthening is concerned with the Sunday?s disaster in Indian Ocean, which has already caused Asian currencies falling. Not only currencies of India, Thailand and Indonesia eased against dollar and euro, but even Japan and South Korea?s currencies, despite these countries were not hurt by the tsunami.
Moreover, euro hit the record of 1,3565 against dollar. Experts say that strong euro and weaker dollar also will make gold price higher, especially when European traders join the trading.