#Gold Higher Amid Bullish Outside Market Forces ▸ OnKit.co/qxU0f Gold prices are moderately higher in early U.S. trading Wednesday, boosted by #bullish outside markets—a lower U.S. #dollar index and higher #crude #oil prices. Short covering is also featured ahead of key #economic data just around the corner. December #Comex gold was last up $10.30 at $1,318.50 an ounce. Spot gold was last quoted up $6.80 at $1319.25. December Comex #silver last traded up $0.269 at $21.905 an ounce. The European Stoxx 600 index hit another five-year high overnight on growing notions the European Central Bank will soon ease its monetary policy by lowering interest rates. The #ECB monthly monetary policy meeting is Thursday. The #Euro currency has dropped significantly in value against the U.S. dollar just recently, on beliefs the ECB will soon cut its key interest rate. Still, the majority of analysts and economists polled believe the ECB won’t make a policy move on Thursday. Tuesday’s #EU inflation numbers, combined with similar figures released last week, are worrisome as they suggest deflationary conditions could be on the horizon for the EU. The recent EU #inflation data bolsters ideas the ECB could move to ease its monetary policy in an effort to keep the tepid EU economic recovery moving forward. On Wednesday the OECD reported inflation in the major world economies in September declined for the second straight month. Annual inflation in the OECD’s 34 developed countries fell to 1.5% from 1.7% in August. These recent inflation numbers fall favorably into the camp of those market watchers wanting easy money policies of the world’s major central banks to continue. Traders and investors are looking ahead to Friday’s key U.S. #employment report for October... [continued]
Posted on: Wed, 06 Nov 2013 14:18:01 +0000
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