LONDON, Nov 18: Gold edged up in Europe on Friday, again touching its highest in almost 18 years at $487.80 an ounce, and traders see upside momentum continuing to more significant levels.
Silver reached $8.15 an ounce, a fresh 11-month peak, while platinum consolidated under Thursday’s near 26-year high point, as bullish sentiment prevailed throughout precious metals.
Gold remained the focus, with the market now touching highs in other currencies, having de-coupled from its usual inverse relationship with the dollar.
The funds have got am appetite for it, and it looks like $490 is the target, followed by $500, a European trader said.
The trend was aided by Thursday’s World Gold Council report, which said that global gold demand in the third quarter of 2005 rose seven per cent to 838 tons from the year-ago quarter.—Reuters
