Question Details
Gold Price, what next?
kruijs in
Business
» Indices
Settled on 03/10/2011 22:55 Settled by
kruijshttp://www.marketwatch.com/investing/future/GOLD/historical
Predictions
Background
Gold futures settled at a new high Wednesday, rising on fears of inflation and worries about the Middle East and North Africa, while silver settled at its best price in three decades.
Investors were nervous that political instability could spread to major oil producer Saudi Arabia, a central U.S. ally in the region, and other oil suppliers. The higher oil prices, they said, could derail the economic recovery.
"There is an increasingly strong correlation between equities and oil," said John Brady, senior vice president at MF Global in Chicago.
Federal Reserve Chairman Ben Bernanke said on Tuesday the surge in oil prices is unlikely to hurt the U.S. economy, boosting gold as he offered no hint that the U.S. central bank was considering winding down its loose monetary policy.
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