Futures Market News
Gold futures revive, set record highs for second time this week
Apr 27, 2011 01:56 PM
Driving the yellowish metal to the top price of $1,524.20 per troy ounce was the ever weakening dollar, particularly when held against European currencies. To curb inflation, the European Central bank began increasing borrowing rates earlier this month while the U.S. Federal Reserve is believed to be slow to follow suit.
"There's not a lot the Fed can do to ease the dollar's suffering," said Matthew Zeman, a strategist at Kingsview Financial in Chicago. "The U.S. will be behind in the tightening cycle, and that's a green light to buy gold."
At 2:35 p.m. on Wednesday, gold futures climbed 1.19 percent, a $17.90 gain to $1,521.40 per troy ounce.
Gold futures setting record prices on Wednesday marks the second time this week. Tuesday was a slump day for the precious metal, which set highs on Monday.
At 2:34 p.m., silver futures increased 3.96 percent, a $1.786 gain to $46.865 per troy ounce. Silver futures resume driving toward two milestones: surpassing $50 per troy ounce and the record price of $50.35 per troy ounce.
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.