Gold Price is Speculated to Rise

A light modulation of the price of Gold was recorded in Asia with speculations that its price may move upwards as investors are buying the metal in an effort to protect their wealth by the prospect of weaker growth and possible reduction of prices of other assets. Bullion for immediate delivery rose to 0.2 % reaching U.S. $ 1186.95 an ounce and traded at 1186.05 an ounce at 9:55 am in Singapore. Yesterday the chairman of the Federal Reserve Ben S. Bernanke said the economic outlook of the U.S. remains “unusually uncertain “, with “no high probability” of deflation.
The dollar, which normally follows the opposite path from gold, suspended the three-day ascent against the basket of six major currencies as investors looked for shelter from the slower growth in selling the currency. Today, the dollar fell to a seven-month low against the yen. Silver for immediate delivery and platinum showed a slight difference in 17.6725 an ounce and 1 517 an ounce respectively. 0.3 % rise recorded palladium reaching 450 dollars an ounce.