SELL Aluminium at 112. - 112.10 sl 112.75 tgt 111 and 110
Thursday, August 4, 2011
Wednesday, August 3, 2011
gold hit ever time high due to capital market crash in us and europe debt crisis
Gold hit a record high on Wednesday as investors made a beeline for bullion to shelter from the impact on financial markets of the deteriorating outlook for the global economy and Europe's worsening debt crisis.
Spot gold rose to an all-time high of USD 1,661.14 in early Asian hours, hitting its ninth record in 16 trading sessions and up nearly 17% so far this year. It was trading at USD 1,657.88 by 0424 GMT, little changed from the previous close.
US gold gained nearly 1% to USD 1,660.6. It rose to a high of USD 1,664.2, just 30 cents off the record set on Tuesday.
Gold priced in sterling and euro also reached historical highs.
US politicians completed a last-gasp deal to avoid a default on Tuesday, but there was little relief for markets as investors focused instead on how tighter fiscal policy could constrict growth of the world's largest economy.
The size of the US debt remained a concern for ratings agency Moody's. Moody's retained its triple-A rating for the United States' but assigned a negative outlook to it, underscoring the threat of a future downgrade that would drive up the cost of borrowing and could slow future growth.
"People are gravely concerned over government credit and the fact that the US doesn't seem to be offering satisfying measures to assure fiscal positions and there is the sense that it will ultimately have some kind of real consequences in the markets," said a Singapore-based trader.
Spot gold rose to an all-time high of USD 1,661.14 in early Asian hours, hitting its ninth record in 16 trading sessions and up nearly 17% so far this year. It was trading at USD 1,657.88 by 0424 GMT, little changed from the previous close.
US gold gained nearly 1% to USD 1,660.6. It rose to a high of USD 1,664.2, just 30 cents off the record set on Tuesday.
Gold priced in sterling and euro also reached historical highs.
US politicians completed a last-gasp deal to avoid a default on Tuesday, but there was little relief for markets as investors focused instead on how tighter fiscal policy could constrict growth of the world's largest economy.
The size of the US debt remained a concern for ratings agency Moody's. Moody's retained its triple-A rating for the United States' but assigned a negative outlook to it, underscoring the threat of a future downgrade that would drive up the cost of borrowing and could slow future growth.
"People are gravely concerned over government credit and the fact that the US doesn't seem to be offering satisfying measures to assure fiscal positions and there is the sense that it will ultimately have some kind of real consequences in the markets," said a Singapore-based trader.
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