Gold futures trade near two-week high
By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 10:09 AM ET Feb. 10, 2004
SAN FRANCISCO (CBS.MW) -- Gold futures climbed Tuesday to touch their highest level in nearly two weeks as traders continued to bet that more weakness is in store for the dollar.
Gold for April delivery rose as high as $411.10 an ounce on the New York Mercantile Exchange -- a level it hasn't seen since Jan. 28. At last check, it traded at $409.80, up $2.40.
"The foreign exchange market continues to have a large strangle hold over short-term price action at the moment," James Moore, an analyst at TheBullionDesk.com in London, said in a note to clients.
Traders are also "awaiting Wednesday's address to the Senate by Fed Chairman Alan Greenspan for further signs of a policy change towards interest rates," he said.
"For the moment gold seem comfortable back in the $405 to $415 range, but indicators are pointing towards a test higher again with a re-test of $430 being the metals target," he said......(Snip)