Thu, 09 Aug 2012 00:00:00 +0200
Gold Advances despite Risk Aversion
Gold saw fairly significant gains during mid-day trading yesterday, despite risk aversion in the marketplace which typically leads to losses for the precious metal. Analysts attributed the bullish movement to expectations that the ECB will soon move to initiate a new round of stimulus to boost ailing euro-zone economies. Gold moved up close to $14 an ounce yesterday to peak at $1616.55 before staging a slight downward correction. Today, gold traders will want to pay attention to the US Trade Balance and Unemployment Claims figures, both set to be released at 12:30 GMT. Should either of the indicators come in worse than forecasted, investors may shift their funds away from higher-yielding assets which could cause the price of gold to turn bearish.
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