Futures Market News
Gold futures reach for the sky as Q2 closes
Jun 29, 2012 11:30 AM
The final trading day of the second quarter of 2012 saw gold futures achieve their biggest one-day gain since the first days of the first quarter of the year, Reuters reports.
Bullion hurtled toward 3 percent gains on Friday as the first half of the year came to a close. The driver of the sharp gains was leaders of the European Union committing to boost regional banks' liquidity as the second of two days of meetings comes to a close in Brussels.
But one commodity broker viewed gold's best gains since January 6 as ephemeral.
"I'm afraid ... this news ... is no more than a sticking plaster on an amputation, and as such while the markets will for the moment react favorably, in the long run we still have a long way to go," states a note penned by Marex Spectron.
At 8:41 a.m. on Friday, gold futures surged 2.77 percent, a $43 lift to $1,593.40 per troy ounce.
MarketWatch reports president Herman van Rompuy with the European Council proposed the creation of a single supervisory mechanism to enhance liquidity at European banking systems and regional banks.
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: TAS Live Room FREE VIP Pass
Enjoy interactive training on Market Profile®, volume analysis & the TAS Tools indicator package!
Daniels Trading is rolling out the red carpet for you. With your complimentary VIP Pass, you’ll enjoy access to the popular TAS Live Room. Your VIP Pass provides admittance to the next Tuesday morning live training session (8:30am-10:30am CT, Chicago).
Special Offer
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.






