Gold price retains uptrend, but lacks momentum

London (Aug 18)  A strong rise past $1,538 is needed to sustain the rally. Gold is managing to sustain above the psychological level of $1,500 per ounce. However, the yellow metal seems to lack strength to extend its upmove at a faster pace. The global spot gold prices fell to a low of $1,480 per ounce and reversed sharply higher to close at $1,513.5 per ounce on Friday, up 1.1 per cent for the week.

BusinessWeek