Gold prices hit their maximum since May 7

Gold prices hit their maximum since May 7 on Wednesday as the money slid to a seven-week low against the western and stock marketplaces rallied, while jewelry hit 3-1/2 30 days peaks as anxiety simmered at a South Africa my own.

A violation of data level of resistance for gold at USD 1,630 an ounces, which had held it in check from beginning May, stimulated further officially motivated buying, investors said.

Spot gold hit a high of USD 1,641.20 an ounces and was up 1.1% at USD 1,638.20 an ounces at 1424 GMT. US gold commodity for Dec distribution were up USD 17.40 at USD 1,640.40.

"A break above USD 1,630 is very significant as we violation the June-July and beginning Aug range," VTB Capital specialist Andrey Kryuchenkov said. "Buy buys were activated, with the money catalog also dropping below support at 82, or beginning September levels."