Futures Market News
Price of gold futures poised to gain for third consecutive day
Jan 18, 2012 07:12 AM
To prevent the global economy from being dragged down any further, the International Monetary Fund is proposing its lending capabilities grow by $500 billion. The move is specifically targeted toward safeguarding against the damages caused by the sovereign debt crisis and the harm it has inflicted during the past two-plus years. The scourge is showing no signs of letting up.
"The safe haven status quo continues to hold its ground as troubles in the euro zone are far from being resolved," states a Wednesday report authored by analyst Andrey Kryuchenkov with VTB Capital in London, according to Bloomberg. "Further easing in the euro zone and accommodative monetary policies would be bullion supportive."
At 7:45 a.m. on Wednesday, gold futures edged down 0.08 percent, a $1.30 slip to $1,654.30 per troy ounce.
MoneyControl reports the value of the U.S. dollar dropped when compared to its rival currencies on Wednesday as China, owner of the globe's quickest developing economy, appeared prepared to implement monetary easing.
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