| From marketoracle.co.uk: The spot price of gold sank to a one-month low early in London on Wednesday, dropping 2% from Tuesday morning before bouncing off $905.25 per ounce.
Crude oil ticked 20¢ higher per barrel, meantime, but base metal prices also fell, dragging the major commodity indexes lower.
World stock markets rose sharply – alongside the US Dollar – pushing the Nikkei 1.6% higher in Tokyo and adding 1.3% to the FTSE100 here in London .
The Euro touched a fresh five-week low of $1.5575 after the European Commission reported sharper-than-expected falls in consumer, industrial and economic confidence.
"The Gold Market is struggling for direction," Bloomberg News quotes Gerard Burg, an energy & minerals analyst at National Australia Bank in Melbourne .
Lower crude oil prices have dampened the "inflation prospect," Burg believes, "and this is negative for Gold ." .....Full Article Source |