Thursday, 25th January 2007 (3255 views)

The price of gold has fallen slightly in Asia on January 25th 2007 after enjoying a seven week high following a decrease in the cost of energy in the continent.

Highlighting the mirroring of the price of oil that usually takes place with gold prices, gold hit a 26-year peak last May, according to Bloomberg, aligned with oil's record gains in July.

"Investors' sentiment in the gold market has improved, but the market overall is looking for the oil market for direction," said Kelvin Koh, a trader at Ong First Tradition in Singapore told Bloomberg.

The gold market is expected to be directly affected by US economic data being released in the next few days. Mr Koh stated that it was his belief that factors such as unemployment and property sale figures would have an impact on the foreign exchange market "and will filter into the gold market as well".

Meanwhile, the Associated Press reports that gold prices in Europe rose on January 24th to $647.85 (£329).

 

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