Futures Market News
Strong bond auction in Spain pushes up euro, gold futures
Jan 12, 2012 07:58 AM
Despite bullion's climb, the performance was tempered by the European Central Bank leaving its record low interest rate of 1 percent as is, Bloomberg reports. The decision to leave rates untouched, which is linked with Spain's healthy bond auction, comes after two consecutive sessions of dropping the benchmark figure.
Prospects for gold futures' continued gains are high as China and India, the world's two top buyers of the precious metal, are projected to resume purchases unabated. But investors remain vigilant after bullion's price plunged 10 percent in value during the month of December.
Conjecture is running high as to whether the ECB will implement another round of monetary easing. The body is scheduled to convene a press conference and release a statement, which will be closely scrutinized for suggestive nuances as to future direction.
At 8:40 a.m. on Thursday, gold futures advanced 0.86 percent, a $14.10 climb to $1,653.70 per troy ounce.
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