Spread Bets on Gold

Spread Bets on Gold

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A weekly review of the markets, supplied and sponsored by Spreadex.

For this week's review see Spread Betting Weekly.

Weekly Market Review: 21 Sep 2009

Indices

Equity markets continue to power ahead as investors continue to shift from safer assets in to equities. The FTSE closed up an impressive 3.2% on the week at 5172.9, another yearly high.

The Dow Jones closed within touching distance of the 10,000 mark at 9820, up 2.24% on the week. The S&P closed at 1068.3, tacking on 2.45% on the week.

Commodities

Gold had another noteworthy week as it sealed its highest close ever on Wednesday at $1020.3. It eased off towards the end of the week to finish 0.4% higher at $1010.4.

Silver also reached 14 month highs, hitting $17.69, but closed the week at $17.00 up 1.2%. Brent Crude had a good week, adding 5% to $71.32.

Forex

Sterling was the big loser on the week, losing ground against the Euro and the Dollar following comments by Mervyn King that suggested rates will stay where they are for the foreseeable future.

The Euro gained 3.5% on Sterling to €1.105 and the Dollar gained 2.6%, closing at $1.6236, just below its 100 day MA. The Euro gained 0.8% versus the Dollar to close at $1.4703.

The Week Ahead

Economic announcements this week are focused on the latter part of the week as we have the Fed's rate announcement on Wednesday, Jobless Claims on Thursday and Durable Goods orders on Friday.

In company announcements we have interims from Northgate and Imperial Tobacco on Tuesday, United Utilities on Wednesday and JJB Sports on Thursday to name a few.

The above comments do not constitute investment advice and neither Spreadex nor Clean Financial accept any responsibility for any use that may be made of them.

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Article provided / approved by Spreadex Ltd which is authorised and regulated by the Financial Services Authority (FSA), FSA Register number 190941.

'Spread Bets on Gold' edited by DB, updated 21-Sep-09

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