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10 Consecutive Quarterly Rises for Gold

Release Date: 
Thursday, March 31, 2011

The price of gold increased Thursday as the quarter reached its close, putting the metal on track for a streak of 10 consecutive quarterly rises since 2008, its longest quarterly streak in more than thirty years.  Gold traded at $1435.50 an ounce at 6 a.m. Pacific Time on the New York Spot Market. Fighting in the Middle East and fears over European debt continue to support prices, according to analysts at Standard Bank and

"Until we see a substantial decrease in liquidity or a rise in real interest rates, you would look for an upward trend, and all these other factors like the euro zone debt and Middle East, North Africa issues are also a short-term support," said Standard Bank analyst Walter de Wet. The gold market has seen prices rise in a recent environment of low interest rates, high liquidity and monetary easing programs.

“Given the unrest in the Middle East and North Africa region, increasing debt issues in the euro zone and the environment of historically low interest rates, gold and silver should continue to remain underpinned and test towards recent highs,” James Moore, an analyst at in London, said in a report.

The report for U.S. non-farm payrolls for March, a key indicator of the health of the U.S. economy, is due Friday. Market commentators are expected to factor the report into their price outlooks for gold.

(Sources: “Gold Heads for Longest Run of Quarterly Gains in 3 Decades on Libya, Debt,”

Bloomberg, March 31, 2011; “Gold Recovers as Dollar Slips, Mideast Simmers,”

CNBC, March 31, 2011; “PRECIOUS-Gold edges up, heads for 10th quarterly rise since '08,” Reuters, March 31, 2011)


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†This material has been prepared for private use. Although the information in this commentary has been obtained from sources believed to be reliable, Goldline does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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