Futures Market News
Gold, euro strengthen as greenback dips
Mar 21, 2012 10:01 AM
Gold futures performed against their grain this month, gaining in value on Wednesday morning, according to published reports.
The yellowish metal was spurred higher in value by the upward drive of the 17-nation common currency, which gained from Greek leaders voting approval of the Aegean nation's second bailout since June 2010, Reuters reports. Thus far this month, losses to bullion have amounted to about 3 percent as the U.S. dollar gains strength on the back of brightening economic prospects.
U.S. Federal Reserve chief Benjamin Bernanke is scheduled to deliver testimony before Congress on Capitol Hill in Washington, Dow Jones Newswires reports. His words are likely to impact the performance of monetary units and the precious metal.
At 11:08 a.m. on Wednesday, gold futures climbed 0.29 percent, a $4.70 boost to $1,651.70 per troy ounce.
The precious metal and the world's reserve currency typically perform the inverse of one-another while gold and the euro often follow one-another's trajectory.
Gold futures are driving toward a 12th consecutive year of annual gains.
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