GOLD UP ON WEAK DOLLAR; INVESTORS FOCUS ON EUROZONE
Gold ended the day higher as a weaker dollar drove the metal up for the second day in a row. Increased confidence over Europe’s debt dilemma is the main catalyst pushing down the dollar. Though Gold experienced mild gains today, a significant price boost was halted by positive news about the U.S. housing market. A 15 percent increase in construction starts on U.S. homes easily outpaced economist’s forecasts. Traditionally, the pulse of the housing market is a quality indicator of current economic conditions.
Investor attention will be fixed on the eurozone tomorrow as the region’s leaders convene to discuss the European debt crisis. Since the European Central Bank announced its plans to buy unlimited quantities of debt, market concerns over a possible meltdown of the eurozone have lessened. There is still distress over the extremely dire situation in Greece and the need for further debt restructuring. "A Greek exit from the euro carries the risk of a European and even international conflagration and could trigger a global economic crisis," Bertelsmann Foundation said, citing the study it commissioned from Prognos AG.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1751.00, Up$5.20.
- Silver, $33.25, Up $0.28.
- Platinum, $1665.80, Up $23.60.
- Palladium, $654.20, Up $14.30.
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