The Phaserl


Daily Nugget – India’s gold prices see biggest ever rise

by Jan Skoyles,

The price of gold remains at its highest level since May as it begins to claw back losses experienced since April. The price of silver continues to outperform the yellow metal.

Comex gold futures climbed for a third consecutive week this week despite positive economic data from the US. Consumer confidence jumped to 81.5, higher than the expected 79. The positivity comes thanks to rising house prices and income expectations.

However this news wasn’t enough to dampen both gold and silver’s climbs.

One definition of a bull market is a climb of 20%, yesterday gold took on that challenge and the spot price climbed 19%. Overnight bullion for immediate delivery in Singapore touched $1,433.

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