Gold Gains Following US News

The price of gold advanced more than $11 an ounce during European trading yesterday, amid an increase in risk taking brought on by better than expected US news which boosted investor confidence in the global economic recovery. By the beginning of the evening session, the precious metal was trading just above the $1612 level. Turning to today, whether or not gold can extend its recent gains further will largely be dependent on US consumer sentiment data, set to be released at 13:55 GMT. If the data comes in above expectations, investors may seek out higher yielding assets, which could help boost the price of gold before markets close for the weekend.

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