Futures Market News
Slumping dollar drives gold futures
Dec 02, 2011 09:48 AM
German Chancellor Angela Merkel delivered a speech stating the 17 nations that use the euro should effect rapid adjustments with the treaty in order to ensure closer fiscal union among the nations. Mario Draghi, president of the European Central Bank, on Thursday alluded to a tighter fiscal union among euro zone nations encouraging a more aggressive tack for the institution he leads to attack the sovereign debt scourge.
"Gold traders and investors seem more optimistic about recovery, looking at jobs figures and euro-zone pronouncements and stimulus, and more important, the inflationary aspects of this," states an email from precious metals strategist George Gero with RBC Capital Markets to MarketWatch.
At 10:22 a.m. on Friday, gold futures climbed 0.8 percent, a $14 climb to $1,753.80 per troy ounce.
Reuters reports Germany and France are spearheading a compromise deal to solve the debt scourge. That deal is expected to be presented at a European summit next week.
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