Futures Market News
Gold futures gain as intervention conjecture gains steam
Apr 10, 2012 01:18 PM
Gold futures are set to mark a third consecutive trading session of gains on Tuesday, pushed by conjecture about the central banks of the globe's two top economic powers intervening to spur development and growth, according to Bloomberg.
Ben Bernanke, chair of the central bank of the U.S. - the globe's top economy, said on Monday that the U.S. economy is not yet fully recovered from the Great Recession. China, the second-largest world economy, reports March's trade surplus was unexpected and fuels speculation about more economic hiccups.
"Gold appears to have risen on safe-haven buying due to concern about global economic growth after China's import growth missed forecasts," executive director Mark O'Byrne with brokerage GoldCore of Dublin told Bloomberg. "The poor U.S. jobs number has also led to an increased expectation of further monetary easing from the Federal Reserve."
At 10:04 a.m. on Tuesday, gold futures edged up 0.05 percent, a 90 cent lift to $1,644.80 per troy ounce.
Dow Jones Newswires reports gold futures also benefited from the value of the shared currency of the European Union edging up in value.
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