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Gold Jumps After China Keeps Interest Rates Unchanged

December 13, 2010 at 23:26 by Vladimir Vyun

Gold and other precious metals gained today after China refrained from increasing its interest rates, spurring demand for the precious metal. Commodities declined last week on concern that China would raise its interest rates. The prices reflected this expectation and rose after China decided to curb its accelerating inflation by other methods.

Gold headed for a 10th straight annual gain after rising 28 percent this year. The Goldman Sachs Group Inc. said that the metal may jump to $1,690 next year. The Thomson Reuters/Jefferies CRB Index of 19 raw materials headed for the biggest gain since December 1st.

February futures for gold delivery gained $13.10 (0.9 percent) to $1,398 by 13:52 on COMEX. March futures for silver delivery went up $1.019 (3.6 percent) to $29.624 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

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