Futures Market News
Gold futures remain above $1,600 per troy ounce threshold
Jul 27, 2012 09:16 AM
Gold futures were on the rise on Friday, hovering about the highest price in 21 days as the world's reserve currency lost some value against the shared currency of the European Union, according to Reuters.
President Mario Draghi with the European Central Bank said the institution he leads will do whatever is required to preserve the integrity of the euro, which has suffered during the past two-plus years as the sovereign debt crisis attacks 17-nation markets, banks and public finance systems.
"The biggest concern is the momentum. We've seen these moves higher on a number of times in past week but it doesn't seem to have much conviction," chief executive Ross Norman with precious metals trader Sharps Pixley told the news source. "We need to see ongoing rallies of the sort we've seen in the last few days to convince the market that this is not just a relief rally but something more sustained."
At 9:33 a.m. on Friday, gold futures climbed 0.4 percent, a $6.50 lift to $1,626.30 per troy ounce.
Bloomberg reports advances for the yellowish metal also are attributable to conjecture about worldwide central banks preparing to spur economies.
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