Thursday, 22nd June 2006 (3391 views)

As stock markets in Europe began to close today (Thursday, 22 July), gold prices were showing signs of recovering from a recent slump.

In London, gold traded at $594.40 a troy ounce, up nearly $20 an ounce from Wednesday's price, a high for this week.

Gold also rose $16.50 an ounce in Hong Kong to close at $594 and in Zurich the precious metal traded over $18 an ounce up on Wednesday's levels.

Some brokers were optimistic of prices breaking the psychologically key barrier of $600 an ounce if current weekly trends are realised in Friday trading, signalling a recovery from the lows of the last few weeks.

It is still unclear which direction gold prices will go from here, with traders remaining cautious that mixed predictions may leave the precious metal in a weaker and more speculative position given recent fluctuations and downward trends on world markets.

 

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