Mar 8

Written by:
3/8/2010 10:13 AM 

By Adrian Ash | BullionVault.com

The price of gold held tight on Monday around last week's close of $1,135 an ounce in London, recovering an early dip for UK and Eurozone buyers as stocks and bonds also stayed flat.

The U.S. Dollar ticked higher on the currency market. Crude oil futures pushed higher towards $82 per barrel.

"Technically gold still looks healthy," says one Hong Kong dealer in a note today, predicting that the Dollar gold price will "re-attempt to break above last week's high at $1,145."

"(Friday's finish was) constructive," agrees the latest note from bullion bank Scotia Mocatta, because "we are above the highs of the past two weeks.

"Our initial topside target is the 2010 high of $1,161."

Hitting new all-time highs last week for UK, Swiss and Eurozone investors, the gold price "is being lifted by the rest of the commodities complex" said Steven Zhu, chief trader at Tonglian Futures in Shanghai, speaking earlier to Bloomberg.

"Dollar weakness is generally positive for gold."