Futures Market News
Gold prices climb as optimism for Spanish banks spurs euro
Jun 08, 2012 03:49 PM
Despite Friday's gains, bullion is still down for the week after the world's reserve currency benefited from what U.S. Federal Reserve Chairman Ben Bernanke did not say. When testifying before the Joint Economic Committee on Capitol Hill on Thursday, Bernanke did not commit to any economy-spurring intervention measures.
"The political and economic worry in Europe isn't going to subside," market analyst Jimmy Tintle with GreenKey Alternative Asset Services told The Wall Street Journal. "And I don't think there are any inflationary concerns to drive gold up."
At 3:35 p.m. on Friday, gold futures increased 0.35 percent, a $5.50 advance to $1,593.50 per troy ounce.
Gold bulls held out hope that the Fed chief would more strongly signal the institute he leads was set to boost the economy, according to Reuters. That intervention would water down the value of the world's reserve currency, which proves to be beneficial to the price of bullion.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Euro/Dollar in a Time of Crisis
Sign up for our FREE report and gain insight about the current global crisis through our extensive research and analysis!
Download this exclusive report as we examine current global events, the present impacts on market prices and volatility, and potential outcomes of the Eurozone crisis.
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.