{"id":34649,"date":"2012-09-22T05:36:00","date_gmt":"2012-09-22T05:36:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-settles-higher-outlook-bullish\/34649\/"},"modified":"2012-09-22T05:36:00","modified_gmt":"2012-09-22T05:36:00","slug":"gold-settles-higher-outlook-bullish","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-settles-higher-outlook-bullish\/34649\/","title":{"rendered":"Gold Settles Higher, Outlook Bullish"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold prices<\/a> settled higher on Friday as the euro climbed against the dollar after news emerged that Spain was preparing to officially request a bailout while recent bout of monetary easing from global central banks also kept investors interested in taking bullish bets on the metal.<\/p>\n<p><span id=\"more-34649\"><\/span><\/p>\n<p>On Friday, <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a> futures for December delivery inched up 0.4% to settle at $1,778 an ounce, thus posting weekly gain of 0.3%. The metal has ended higher for fifth successive week.<\/p>\n<p>The bullion market, which for most part of the year, remained subdued owing to lack of economic stimulating measures from central banks, rallied more than 10% since August when the ECB hinted at resumption of its short term bond purchase program (it later announced early September) followed by Fed\u2019s decision to provide another round of QE.<\/p>\n<p>The yellow metal\u2019s recent rally has pushed it towards to a \u201cgolden cross\u201d on technical charts \u2013a point or a technical indicator which implies that there are more gains in store for gold in the intermediate and long-term period. Earlier this week, metal\u2019s 50 day moving average edged past its 200 day moving average, which in technical terms is referred to as \u201cgolden cross\u201d. Previously, the \u201cgolden cross\u201d was formed in February 6<sup>th<\/sup> 2009, and <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold prices<\/a> rallied 11% for next 11 successive sessions.<\/p>\n<p>Commenting over recent monetary easing and its impact on gold markets, Anthony Lazzara with Lido Isle Advisors said to MarktWatch, \u201cLogically, if the central banks of the world are printing more and more money, one can surmise that investors will want some store of wealth which cannot be reproduced to infinity, and at this point, gold and <a href=\"https:\/\/stockmarketwatch.com\/metal\/silver-price.aspx\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">silver<\/a> fit that bill.\u201d<\/p>\n<p>Echoing Lazzara sentiment with regard to bullion investing, popular, Hedge fund manager Ray Dalio said in an interview with Reuters, \u201cI think gold should be a portion of every one&#8217;s portfolio to some degree because it diversifies the portfolio. It is the alternative money.\u201d<\/p>\n<p>Meanwhile, many traders believe that heavy buying of call options as high strike price sould further increase the price of gold in coming weeks.\u00a0 The open interest\u2014a gauge on total number of outstanding short and long contracts\u2014touched a one year high for last two sessions. On Thursday, COMEX Future\u2019s open interest touched 483,107 lots. In last 30 days, open interest on U.S. golf futures rose by 25%, a data provided by Reuters showed.<\/p>\n<p>Spot gold\u00a0gained 0.6 percent to close at $1,777.19 an ounce.\u00a0 The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\" target=\"_blank\" rel=\"noopener\">NYSE: GLD<\/a>) ended the day 0.29% higher at $171.96.<\/p>\n<p>A weakness in the U.S. dollar vis-\u00e0-vis the euro also bolstered the demand for the metal. The euro gained after a report carried in Financial Times showed that EU officials were working closely with Spanish authorities in preparing the final draft for the impending bailout. Once this is worked out, it will pave the way for the implementation of the ECB\u2019s short term bond buying program, which will not only put a lid on speculation and resultant soaring of yields on Spanish sovereign bonds but could also improve country\u2019s structural weaknesses.<\/p>\n<p>The Dollar Index\u2014a gauge on U.S. unit\u2019s performance against a basket of six most traded currencies&#8211;fell to 79.278 from 79.428 in North American trade late Thursday.<\/p>\n<p>Moving onto some other precious metal markets, silver\u00a0inched up 0.3 percent to close at $34.68 an ounce. Platinum gained 0.9 percent to settle at $1,635.24 an ounce, while its sister metal\u00a0palladium\u00a0climbed 1.4 percent to $669.25.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"www2.thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20120924055934\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=www2.thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fwww2.thestockmarketwatch.com%2Fstock-market-news%2Fgold-settles-higher-outlook-bullish%2F34649&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/darden-restaurants-reports-q1-results-dri\/34650\">\nDarden Restaurants Reports Q1 Results (DRI)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-settles-higher-outlook-bullish\/34649\">\nGold Settles Higher, Outlook Bullish<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-finish-on-a-mixed-note-post-loss-for-the-week\/34648\">\nStocks Finish on a Mixed Note; Post Loss for the Week<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-edge-higher-silver-prices-slip\/34624\">\nGold Prices Edge Higher; Silver Prices Slip<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-marginally-higher-in-late-trading-4\/34623\">\nStocks Marginally Higher in Late Trading<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-higher-in-mid-day-trading-9\/34619\">\nStocks Higher in Mid-Day Trading<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/lennox-international-lii-increases-dividend-11-percent\/34601\">\nLennox International &#8211; LII &#8211; Increases Dividend 11 Percent<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20120924055934im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n<script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script>\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices settled higher on Friday as the euro climbed against the dollar after news emerged that Spain was preparing 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