Charts from the GFMS Gold Survey 2009

The price of gold continues its upward march. It has reached $1,060 an ounce on Tuesday October 20th due to the weak US dollar and investors choosing gold as an alternative to holding dollars.

Reuters reports:

“U.S. gold futures for December delivery GCZ9 were at $1,065.6 per ounce, up nearly 1 percent from $1,058.10 in the COMEX division of the New York Mercantile Exchange.

Last week, spot gold soared to an all-time high of $1,070.40 an ounce, while New York gold futures hit a record peak of $1,072 on the greenback’s weakness.

Near-term resistance is seen around $1,068, a level it took time to break through, when it hit a record high of $1.070.40 on Oct. 14. Support is seen at $1,055.43, the 10-day moving average.”

London,UK-based precious metals consultancy GFMS released the Gold Survey 2009 – Update 1 last month. Some of the charts from this report are presented below:

Gold Production