GOLD REBOUNDS SMARTLY TO EVENTUALLY EKE OUT MARGINAL GAINS
DATE: 18/04/2012
Gold prices rebounded from intraday lows to eventually eke out marginal gains on Tuesday. After the early sell-off, investors showed hefty buying interest in the commodity and brought the precious metal back to previous closing levels after the US dollar depreciated against a basket of currencies boosting most dollar denominated commodities. The yellow metal faced pressure early in the session after the IMF urged the European Central Bank to cut its main policy rate and maintain its range of nonstandard measures to support the banking sector.
Gold futures for June delivery inched up $1.40 or 0.1% to settle at $1,651.10 an ounce after trading as high as $1,658.40 and as low as $1,635.20 an ounce on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices eased 0.1% to $1,650.75 an ounce.
POWERED BY: COMMODITY INSIGHTS
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