09.02.2016 - Gold's surge continues amid gloomy global outlooks
Gold prices are climbing quickly, bolstered by a troubled economic outlook in the U.S. and the Bank of Japan's decision to adopt negative interest rates, in conjunction with financial market turbulence. Benchmark New York gold futures traded around $1,175 per troy ounce in premarket trading Monday, up $130 from a low around two months earlier. The price is the highest since late October. Lackluster U.S. employment data released late last week raised concerns of trouble ahead, spurring buying of the metal as a substitute for dollars. Hedge funds moved to unwind short positions on gold, expecting that further hikes to U.S. interest rates will be postponed...............................................Full Article: Source
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