Gold Futures Extend Rally
The dollar was weaker against the euro Thursday despite buoyant economic news, helping drive gold higher.
Prices for February-dated futures jumped $6.60 to close at $636.90 an ounce on the Comex division of the New York Mercantile Exchange. The bullion ETFs, iShares COMEX Gold Trust(IAU Quote) and streetTRACKS Gold Shares(GLD Quote), were also gaining, up about 1.1% recently. "Mostly it's been dollar-watching," says James Moore, a gold analyst at TheBullionDesk.com. "But the market has been thin, and the move shows we are very much in holiday mode." Recently, one euro would buy $1.3147, up from $1.3125 late Wednesday. The dollar was doing marginally better elsewhere, buying 118.924 yen, vs. 118.78 previously. Over time, gold and the greenback tend to move in opposite directions. A basket of favorable statistics on the U.S. economy did help partially stem the dollar drop against the euro, but did nothing to baffle the bullion rally.- Loading Comments...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,390.11 | 1,103.25 | 2,189.61 | 34.48 |
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