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June 29th, 2012
Gold Futures – Gold traders are bullish for a sixth week on speculation that Europe’s debt crisis will boost demand from investors seeking to protect their wealth and drive prices higher after the biggest quarterly slump in eight years.
Sixteen analysts surveyed by Bloomberg said they expect a rally next week and 10 were bearish. Another five were neutral. Investors added about $1.9 billion to holdings in gold-backed exchange-traded products this month, the most since November, according to data compiled by Bloomberg. Hedge funds and other speculators have increased bets on a rally for four consecutive weeks, U.S. Commodity Futures Trading Commission data show.
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June 27th, 2012
Gold Futures – Gold is set to decline for a second day in New York on concern Europe’s debt crisis will strengthen the dollar and curb demand for the metal as an alternative investment. Palladium dropped.
Borrowing costs jumped at an Italian bill sale today before a two-day European Union summit in Brussels starting tomorrow. The dollar was little changed versus the euro after climbing to a two-week high yesterday. The China Securities Journal said the country may introduce “more proactive” policies to ensure stable growth in the world’s second-largest economy.
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