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 2015 the year you get RICH!

Latest Headlines

Nokia CEO says in no hurry to sell mapping unit HERE: magazineNokia CEO says in no hurry to sell mapping unit HERE: magazine
HELSINKI (Reuters) - Nokia <NOK1V.HE> is in no hurry to sell its mapping unit HERE despite receiving high quality bids, the Finnish company`s chief executive said in a trade magazine interview. ...
China to simplify share issuance, reform offshore listing processChina to simplify share issuance, reform offshore listing process
BEIJING (Reuters) - China`s securities regulator said on Friday that it plans to make it simpler for companies to issue shares. Deng Ge, a representative of the China Securities Regulatory Commissio...
Special Report: Britain's home-grown tax havenSpecial Report: Britain's home-grown tax haven
LONDON (Reuters) - One hallowed feature of Britain`s finances is a tax break for individuals called "non-domiciled status." The break, which is more than 200 years old, is designed to attract foreig...
Lufthansa CEO advocates random psych tests for pilots: FAZLufthansa CEO advocates random psych tests for pilots: FAZ
FRANKFURT (Reuters) - Random checks of pilots` psychological fitness could help reduce risks in the aviation sector, Lufthansa <LHAG.DE> Chief Executive Carsten Spohr said in his first newspaper...
Renminbi needs to be liquid to be reserve currency: WeidmannRenminbi needs to be liquid to be reserve currency: Weidmann
BERLIN (Reuters) - China`s renminbi needs to be liquid and freely convertible to be a major reserve currency but could be included in the International Monetary Fund`s global currency basket if these ...

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
swing trades FREE Swing Trade Ideas Clear, simple swing trades.
small cap swing trades Futures Day Trading System S&P + Crude Oil Signals
Autotrading Autotrade Stocks Try for Free!