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Spot gold prices traded steady on Thursday

Spot gold prices traded steady on Thursday, retaining their 1.7 percent gain in the previous session, as joint action by the world’s major central banks to boost dollar liquidity spurred rallies in commodities and equities.

FUNDAMENTALS

* Spot gold edged up 0.1 percent to $1,748.46 an ounce by 0022 GMT, after finishing November with a 1.9-percent
rise, the seventh month of gain so far this year.

* The U.S. Federal Reserve, the European Central Bank and the central banks of Japan, Britain, Canada and Switzerland joined force to provide cheap dollar funding to European banks facing a credit crunch.

* U.S. gold also inched up 0.1 percent to $1,748, building on a rally of nearly 2 percent on Wednesday.

* China’s central bank cut reserve requirements for commercial lenders on Wednesday for the first time in three
years, seen as a policy shift to ease credit strains and shore up an economy running at its weakest pace since 2009.

* Platinum group metals also moved higher, encouraged by rallies in prices of industrial metals. Spot palladium
gained 1.5 percent to $615.25, but eased from a two-week high of $622.50 hit in the previous session. Spot platinum
rose nearly 1 percent to $1,567.50. – Reuters

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Posted by on Dec 1 2011. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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