September 24, 2007 at 5:00 pm by Tom Lydon
Gold exchange traded funds (ETFs) continued to climb today despite the dollar’s attempt to rise against its all-time lows against the euro. Gold for December increased 40 cents to close at $739.30 an ounce although it reached an intraday high of $741.60, reports Myra P. Saefong and Polya Lesova for MarketWatch. Analysts at Goldman Sachs (GS) say they expect to see gold prices reach $775 an ounce over the next three months and $800 in six months, according to Chris Flood for The Financial Times. The performance of gold ETFs year-to-date is:
- streetTracks Gold Shares Fund (GLD) – up 15.0%
- iShares Comex Gold Trust (IAU) – up 14.6%
- PowerShares DB Gold (DGL) – up 11.5% for the last three months as it was launched in early 2007. It invests in gold futures not the bullion.
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