Home / Metal News / Copper / Gold Rallies Amid European Debt Relief
Gold Rallies Amid European Debt Relief
Oct 13,2011 09:05CST
industry news
Source:SMM
COMEX Gold futures rallied on Wednesday, buoyed up by overall sentiment improvement after euro-zone authorities outlined a plan to recapitalize banks.

Oct. 13 (xinhua) -- Gold futures on the COMEX Division of the New York Mercantile rallied on Wednesday, buoyed up by overall sentiment improvement after euro-zone authorities outlined a plan to recapitalize banks.

The most active gold contract for December delivery hiked 21.6 U.S. dollars, or 1.3 percent, to 1,682.6 dollars per ounce.

Market analysts said that the rally for gold came as investors turned more optimistic about Europe's debt problem after European Commission President Jose Manuel Barroso on Wednesday outlined the plan to recapitalize banks.

Gold has suffered drastic correction in recent weeks as the euro-zone's sovereign-debt concerns prompted investors to dump their gold holdings to raise cash and transfer to other more lucrative markets.

Meanwhile, the optimism over Europe also helped weigh on the U. S. dollar, giving additional push to the metal. The dollar index, which measures the value of dollar against six other currencies, on Wednesday shed 0.8 percent from the prior trading day to 76.98.

Silver for December delivery gained 79.1 U.S. cents, or 2.4 percent, to 32.789 dollars per ounce. Platinum for January delivery also rose 35.6 dollars, or 2.3 percent, to 1,554.4 dollars per ounce.

 

gold price
COMEX

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news