Futures Market News
Intervention chatter poised to benefit gold futures
Aug 17, 2012 03:15 PM
Gold futures were poised to climb on Friday for a third consecutive trading session amid conjecture that the globe's two largest economies are set to intervene to prompt economic growth and development, according to Bloomberg.
The U.S. and China, respectively the biggest and second-biggest economies in the world, are likely to move forward with monetary easing policies to prompt growth in their respective economies. The Chinese leader said that might be the case earlier this week and chairman Ben Bernanke with the U.S. Federal Reserve is preparing to convene a yearly symposium for his staff in Jackson Hole, Wyoming.
"The U.S. economic recovery is still fairly opaque," founder and senior resource analyst Gavin Wendt with Mine Life Pty in Sydney told the news source. "There isn't a lot of growth. We've seen some bright spots but sometimes they turn into dark spots the next time the data comes out."
At 10:12 a.m. on Friday, gold futures fell 0.19 percent, a $3 loss to $1,616.20 per troy ounce.
Reuters reports the precious metal was set to track upward ticks by the shared currency of the European Union on Friday after the leader of Germany endorsed the European Central Bank's plan to confront the sovereign debt crisis.
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