Futures Market News
Gold futures edge up as euro gains against greenback
Apr 20, 2012 11:26 AM
Gold futures were edging up in value on the final trading day of the week, tracking gains of the shared currency of the European Union against the world's reserve currency, according to Bloomberg.
For a second consecutive session, the yellowish metal is poised to gain as the commodity complex saw a general increase. But the euro benefited from speculation that Group of 20 officials, meeting Friday with the International Monetary Fund, will commit to exert additional effort to minimizing damage caused by the sovereign debt scourge.
"There isn't much investor and physical interest at the moment," analyst Xiang Nan with CITICS Futures told Bloomberg. "A lot of money is sidelined as we get mixed messages from data, and gold just gets pushed or pulled by what's happening to other asset classes."
At 11:39 a.m. on Friday, gold futures gained 0.04 percent, a 60 cent gain to $1,642 per troy ounce.
Bullion recently has been following the performance of industrial metals, according to Dow Jones Newswires. Storage status of the yellowish metal has fallen to concerns about the reduced demand as concerns grow about the recovery from the Great Recession.
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