Gold is rising after three days of the recession

Market news

24 May 2012

Gold is rising after three days of the recession

Gold rises in price after three days of decline, although the depreciation of the euro to a two-year low against the dollar holding back price increases.

Euros on Thursday dropped nearly two-year low against the dollar after the publication of weak macroeconomic data in Germany.
European investors tend to sell the gold with a decrease of the euro against the dollar in order to earn foreign exchange positions by profit-taking positions in gold, denominated in dollars.
According to the International Monetary Fund, the Philippines, in March increased the gold reserves at 32.13 tons to 194.241 tons, making a major purchase since September 2008.
The cost of the June gold futures on the COMEX today rose to a high of $ 1577.7 per ounce.

European stocks closed in plus: FTSE 100 5,350.05 +83.64 +1.59%, CAC 40 3,038.25 +34.98 +1.16%, DAX 6,315.89 +30.14 +0.48%

U.S. stocks traded near flat line: Dow 12,523 +27 +0.21%, Nasdaq 2,849 -1 -0.03%, S&P 500 1,322 +3 +0.26%

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