Futures Market News
Gold futures driven higher by EU summit challenges
Dec 09, 2011 08:44 AM
Friday saw gold futures track advances achieved by the common currency of the European Union, pushed by despite shaky meetings in Brussels for which pessimism is still apparent, according to Reuters.
The two-day summit is set to adjourn on Friday yet leaders of the 27 European Union member nations failed to secure changes to the body's treaty. The 17 countries that exchange the euro and additional interested nations could move forward. Though gold futures were poised to climb on Friday, bullion this week is set for losses of about 1.5 percent.
"(Gold's) latest relative weakness can be expected to prompt investors - who recently took a positive view of gold - to continue shedding their positions," states a note penned by Commerzbank analysts, cited by Reuters. "A possible price slide below $1,700 may thus accelerate a further slump. Despite these short-term tendencies, we do not believe gold's long-term upwards trend to be under threat."
At 9:15 a.m. on Friday, gold futures fell 0.9 percent, a $1.60 loss to $1,711.80 per troy ounce.
EU leaders also have to figure out how to reconcile divisions in strategies to tackle the sovereign debt scourge, according to The Wall Street Journal.
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