Futures Market News
Slump of gold futures pauses as bullion drives toward $1.6k
May 10, 2012 11:34 AM
Gold futures were driving higher toward the milestone price of $1,600 per troy ounce on Thursday, one day after touching the lowest value in four months during a three-day slump linked with euro zone elections, Reuters reports.
Spain pecked away at boosting its hobbled banks, which spurred the common currency of the European Union to mild increases. Greece is set to receive a vital payment from an emergency bailout fund, spelling a measure of relief for the debt-ridden Aegean nation.
"The safe haven trade is still in the back seat and gold remains positively correlated with risk assets and pressured by a strong U.S. dollar," states a Thursday note penned by RBS, according to Reuters.
At 10:23 a.m. on Thursday, gold futures advanced 0.28 percent, a $4.40 lift to $1,598.60 per troy ounce.
Losses from Monday through Wednesday of this week totaled about 3.2 percent of the yellowish metal's value, Bloomberg reports, noting the poor performance of bullion was attributed to fallout from results of political elections in the euro zone last weekend.
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