Gold prices enjoyed an advance above $1000 an ounce supported by crude oil price movements and a declining US dollar.
Gold prices have consolidated around $1006 an ounce at 10am this morning.
Spread betting providers ODL Markets have attributed the most recent advance over the much watched $1000.00 an ounce mark to plays in the oil price market and US dollar moves.
A sharp rally in gold above the closely watched $1000.00 mark was supported by a decline in the US dollar and a significant advance in crude prices.
In addition reports from the US showed a possible division among Fed’s policy makers on the exit strategy and that sparked gold buying as an inflation hedge.
Silver moved higher with gold on the same inflation fears but was also helped by higher copper prices dubbed the bellwether of industrial metals.
Latest news on oil prices
Reuters reports from Singapore this morning show oil prices fell below $70 on Thursday, pulling back from the more than 5 percent gain a day ago on worries that a rise in US crude and distillate stocks signals weak demand when taken along with the latest economic data.
The price correction was moderated by a weak dollar, which makes crude more affordable for buyers using other currencies, led by gains for the commodities-linked Australian dollar.
London Brent crude shed 18 cents to $68.89 a barrel.
