Your basket will timeout in Checkout
Gold
£  /oz
 
$  /oz
 
  /oz
 
Silver
£  /oz
 
$  /oz
 
  /oz
 
Platinum
£  /oz
 
$  /oz
 
  /oz
 
Palladium
£  /oz
 
$  /oz
 
  /oz
 
Bitcoin
$  
 
Your session has timed out
refresh session

More News from the U.S. Next Week to Excite Gold?

The U.S. Comex gold futures rebounded 0.32 percent in the past two days to end at $1,770.60 on Thursday. Both the S&P 500 index and the Euro Stoxx 50 index ended their four-day losing streaks with the U.S. stock market staying flat and the European market rallying 1.24 percent on Thursday. After dropping 2.51 percent, the crude oil futures may look to rise about 2.4 percent this week. The Dollar Index rebounded 0.55 percent after selling off 0.75 percent last week.

The tone at the annual IMF-World Bank meeting in Tokyo does not seem to be very optimistic. The IMF Managing Director Largarde expressed that global growth is much slower than expected and is not rising fast enough to create jobs for nations. However, the IMF is proposing to give more time to Greece to fulfill its fiscal consolidation in the next two years. Recently, Spain’s long-term credit rating has been cut by S&P to BBB-, just one level above the junk status. Spain was not only suffering from economic contraction due to its banking problems and austerity measures, but also the unpredictable policy from the Eurozone. In the meantime, the Eurozone industrial production in August, to be announced on 12 October, is expected to contract by 0.4 percent, compared to a revised rise of 0.5 percent in July.

A small rebound in gold price this week was helped by a better than expected U.S. jobless claims which fell by 30,000 to 339,000 during the week ending 6 October. The higher optimism towards the U.S. economy helps commodities and equities to rebound. Gold price is still underpinned by strong demand from the gold-backed ETP side as well as traders raising their bets on gold futures and options to seven-month high as global central banks are cutting rates or engaging in money-printing.

The important events to watch would be the Eurozone August industrial production data on 12 October, the second U.S. Presidential debate and the September U.S. industrial production data on 16 October, the U.K. bank rate vote and the U.S. September housing starts on 17 October, the EU Summit talk on 18 October and the Q3 China GDP growth on 19 October.

12 Oct 2012 | Categories: Gold

Send a message

Can we help?-

We are online Mon-Fri between 9am-5pm. Please leave a message and we'll get back to you.

Our showroom is also open Mon-Fri between 9am-5pm at 54 St James's Street, London, SW1A 1JT.

Contact us on +442078710532.

Many thanks for your time, we will be in touch where appropriate.

Close