Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices Rally as Dollar Sinks; Silver Prices Also Edge Higher

Thursday, June 6, 2013 2:41 PM
Gold prices gained sharply on Tuesday as broadly lower U.S. dollar boosted the demand for dollar dominated commodities while weakness in global equities and downbeat remarks from the European Central Bank (ECB) President over the euro zone’s economic outlook, lifted metal’s safe haven appeal. Silver prices also edged higher in trading on Tuesday. U.S. gold futures for August contract climbed $17.30, or 1.2%, to settle at $1,415.80 an ounce at the COMEX division of the New York Mercantile Exchange while spot gold was last up 0.84% to $1,414.55 an ounce. Silver futures were last 0.84% to $22.66 an ounce. The U.S. dollar slumped against all major traded currencies on Thursday. The euro rose sharply against the greenback after the ECB left its interest rate policy unchanged. The Bank of England also kept its policy intact. As most commodities including gold are dollar-priced, weakness in the U.S. dollar tends to push of the demand as traders dealing in other currencies find them cheaper to buy. Meanwhile, weakness in global equity markets also prompted investors to seek safety in safe-haven bets. Uncertainty over whether the Federal Reserve will continue with its bond purchase program is keeping investors’ risk appetite restrained. Moreover, ECB President Mario Draghi’s remarks that the downside risks to the euro zone’s economic outlook still persists, also eroded investors’ confidence on Thursday. Draghi also warned that weaker-than-expected demand both from the euro zone and global markets along slow pace of structural reforms implemented by some euro nations could act a headwind against the recovery. Now, the entire spotlight will shift to the non-farm payrolls report. The report will be released on Friday. The job numbers will provide a fairly good idea over for how long the Fed would keep providing economic stimulating measures. Holdings of the SPDR Gold Trust (ETF) (NYSE: GLD) remained unchanged on Wednesday after falling 0.3% on Tuesday, showed a data provided by Reuters.  
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2014 the year you get RICH!

Latest Headlines

EU investment plan to take shape next weekEU investment plan to take shape next week
BRUSSELS (Reuters) - Jean-Claude Juncker will unveil a much anticipated 300-billion-euro ($370 billion) investment plan on Wednesday that is meant to trigger economic growth in the European Union. ...
Aviva agrees to possible $8.8 billion deal to buy Friends LifeAviva agrees to possible $8.8 billion deal to buy Friends Life
(Reuters) - Insurer Aviva Plc <AV.L> said it had reached agreement on a possible deal to buy Friends Life Group Plc <FLG.L> for 5.6 billion pounds ($8.8 billion) in stock. Under the term...
Aviva agrees terms to buy Friends Life for $8.8 billionAviva agrees terms to buy Friends Life for $8.8 billion
(Reuters) - British insurer Aviva <AV.L> said on Friday it had agreed terms on a possible deal to buy rival Friends Life <FLG.L> for 5.6 billion pounds ($8.8 billion), as British pension...
Credit Suisse ordered to pay $1.8 billion to finalize U.S. guilty pleaCredit Suisse ordered to pay $1.8 billion to finalize U.S. guilty plea
NORFOLK Va. (Reuters) - A U.S. judge on Friday accepted Credit Suisse`s <CSGN.VX> guilty plea to end a criminal case accusing it of helping wealthy Americans avoid paying taxes, and ordered th...
EU must not change course on U.S. trade talks: EU ministerEU must not change course on U.S. trade talks: EU minister
BRUSSELS (Reuters) - Europe`s proposed free trade agreement with the United States would collapse if European leaders bowed to pressure to remove investment protection from any deal, the chairman of E...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.

Algorithm Based
Trade Signals
arrow
small cap swing trades SmallCaps stocks under $10
Index Signals Index Signals SPY, QQQ, DIA, IWM
options trading Mega Stocks options + stock trade signals
Forex Forex Signals major FX pairs signals