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Economy
In reply to the discussion: STOCK MARKET WATCH, Wednesday, December 14, 2011 [View all]xchrom
(108,903 posts)17. Gold Rebounds From Seven-Week Low as Europe Concerns Spur Investor Demand
http://www.bloomberg.com/news/2011-12-14/gold-rebounds-from-eight-week-low-as-two-day-decline-encourages-purchases.html
Gold may rebound from a seven-week low in London as concern about Europes debt crisis spurs investors to buy the metal as a protection of wealth.
Gold slid 2.1 percent yesterday after the Federal Reserve said the U.S. economy is maintaining its expansion and refrained from taking new action to bolster the economy. The dollar was near an 11-month high versus the euro amid speculation the regions sovereign-debt crisis is far from resolved. Gold holdings in exchange-traded products are at an all-time high.
With the dollar pushing higher, that suggests the market remains nervous about Europe and the contagion it is causing, William Adams, head of research at Basemetals.com in London, wrote in a report today. Given the dire situation in Europe and stresses in the monetary system, we feel the big picture outlook for bullion remains bullish.
Bullion for immediate delivery rose 23 cents to $1,631.80 an ounce by 11:10 a.m. in London. The metal touched $1,622.65 yesterday, the lowest price since Oct. 21. Gold for February delivery slipped 1.7 percent to $1,634.30 on the Comex in New York.
Gold may rebound from a seven-week low in London as concern about Europes debt crisis spurs investors to buy the metal as a protection of wealth.
Gold slid 2.1 percent yesterday after the Federal Reserve said the U.S. economy is maintaining its expansion and refrained from taking new action to bolster the economy. The dollar was near an 11-month high versus the euro amid speculation the regions sovereign-debt crisis is far from resolved. Gold holdings in exchange-traded products are at an all-time high.
With the dollar pushing higher, that suggests the market remains nervous about Europe and the contagion it is causing, William Adams, head of research at Basemetals.com in London, wrote in a report today. Given the dire situation in Europe and stresses in the monetary system, we feel the big picture outlook for bullion remains bullish.
Bullion for immediate delivery rose 23 cents to $1,631.80 an ounce by 11:10 a.m. in London. The metal touched $1,622.65 yesterday, the lowest price since Oct. 21. Gold for February delivery slipped 1.7 percent to $1,634.30 on the Comex in New York.
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