Gold continued to command the spotlight yesterday as bullion hovered around the $1,000 mark, while oil prices rose by more than $1 a barrel, helped by further weakness in the dollar.

Gold moved in a range between a low of $993.80 and a high of $1,002.95. Although unable to match Monday's high of $1,007.45, gold's breach of the $1,000 mark for only the third time in history prompted a flurry of analysts' comments.

Investec Asset Management said it would "not be unreasonable" for gold to trade 10-15 per cent higher from current levels, hitting the $1,100-$1,150 an ounce range.

It said: "The combination of unprecedented global fiscalstimulus, quantitative easing and increased money supply has the potential to result in broad currency devaluation, negative real interest rates and the return of high rates of inflation. This points to a very supportive backdrop for gold to sustain moves above previous highs."

However, James Steel, precious metals analyst at HSBC, said that gold's previous forays above $1,000 had tended to be brief as scrap supplies increased and jewellery demand weakened in response to rising prices, eventually undermining the rally.

Noting that demand for gold from the jewellery market was expected to strengthen , Stephen Briggs of RBS said: "The key will be the extent to which purchasers are prepared to accept new higher prices."

Monday's push through $1,000 was widely attributed to a combination of fund buying which then forced short covering but there was also more fundamental support with the news that Barrick Gold Corporation, the world's largest gold producer, is planning to raise up to $3.5bn in cash in order to help close out its gold hedge book.

Barrick's second-quarter results showed that it would need to buy 5.4m ounces, or 168 tonnes, of bullion to be fully exposed to moves in the price.

John Reade of UBS said that this was an "important factor" for the gold market. "Like the bell that rings as cyclists start their final lap, it marks the beginning of the end of the global gold miner hedge book," said Mr Reade: "Once this transaction is completed, it will leave the industry's remaining hedge book concentrated in the hand of one producer, AngloGold Ashanti."

黄金昨日继续成为投资者关注的焦点，其价格一直在每盎司1000美元关口上下徘徊；而受美元进一步走软推动，石油价格上涨每桶1美元以上。

金价在每盎司993.80美元至1002.95美元的区间内波动。虽然无法与本周一每盎司1007.45美元的高点相比，但这仍是金价在历史上第三次突破每盎司1000美元，因此有大量分析师发表了评论。

天达资产管理公司(Investec Asset Management)表示，金价从目前水平再上涨10%至15%，达到每盎司1100美元至1150美元，"并非不切实际的想法"。

该公司说："力度空前的全球性财政刺激、量化宽松政策以及货币供应量的加大，这三者结合可能导致大范围的货币贬值、负实际利率和重回高通胀率。这对金价维持在前期高点之上运行提供了非常有力的基本面支撑。"

但汇丰(HSBC)贵金属分析师詹姆斯•斯蒂尔(James Steel)表示，金价之前对每盎司1000美元的突破往往都很短暂，因为随着金价上涨，黄金废料供应增加，珠宝需求减少，最终使涨势受到拖累。

苏格兰皇家银行(RBS)的斯蒂芬•布里格斯(Stephen Briggs)指出，珠宝市场的黄金需求预计将走强，他说："关键是买家准备在多大程度上接受创新高的价格。"

市场普遍认为，本周一金价突破每盎司1000美元，原因在于基金买盘和基本面消息的共同支撑。基金买盘迫使空头回补；而在基本面方面，世界最大的黄金生产商巴里克黄金公司(Barrick Gold Corporation)宣布，它计划筹集最多35亿美元现金，用于平掉其黄金套期保值仓位。

巴里克第二季度财报显示，它需要买进540万盎司（或168吨）黄金，才能完全平掉其套保仓位。

瑞银(UBS)的约翰•里德(John Reade)表示，对黄金市场而言，这是一个"重要因素"。"就像自行车赛选手开始最后一圈赛程时响起的铃声一样，它标志着，全球金矿生产商开始平掉其套保仓位了，"里德说，"一旦巴里克的交易完成，该行业剩余的套保仓位就将集中在一家生产商手中，它就是英美黄金阿散蒂公司(AngloGold Ashanti)。"
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