Gold on COMEX rose in early trade on bargain buying, but a firm dollar against the euro weighed on prices. Gold prices received support, as recent correction in prices has prompted Asian investors to increase physical purchases of the metal. Bullion is trading at 1582.70 adding close to $10.00 Monday morning as traders took advantage of weak prices to grab up the commodity.
Markets remain in a positive sentiment, but jitters over the Italian elections and the US “sequestered” budget cuts with the deadline looming closer as the month of February draws to a close. Gold futures closed at their lowest level Friday since July and notched its second consecutive weekly loss, as a better US economic outlook and indications that the Federal Reserve may end its stimulus program prompted investors to buy riskier assets such as equities. US Gold futures closed the week at $1580.4 an ounce, down by $29.90 or 1.86% for the week. Gold prices were also hurt after Fed minutes indicated that they would slow down or stop with their asset buying program well before the job market improves.Continue Reading...
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