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Gold gains on German sentiment data, hopes for Greece aid

By Investing.com  |  Commodities  |  Nov 23, 2012 05:40PM GMT  |   Add a Comment
 
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Investing.com - Gold prices rose in U.S. trading on Friday after German confidence data beat expectations and sparked demand for risk, which came at the greenback's expense.

Gold gains on German sentiment data, hopes for Greece aid
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 1.33% at USD1,751.15 a troy ounce, up from a session low of USD1,727.95 and down from a high of USD1,752.45 a troy ounce.

Gold futures were likely to test support at USD1,727.95 a troy ounce, the earlier low, and resistance at USD1,752.45, the earlier high.

Gold and the dollar trade inversely from one another, and solid data out of Germany sent the euro rising and the dollar falling amid a risk-on trading session, a recipe for climbing gold prices.

In Europe earlier, the German Ifo Institute reported that its index of business confidence jumped to 101.4 in November from 100.0 in October, beating expectations for a decline to 99.5.

The data came in the heels of a report revealing that Germany’s manufacturing purchasing managers’ index climbed to 46.8 in November from 46.0 in , beating out market forecasts for a 45.9 reading.

Germany's month-on-month gross domestic product grew 0.2% in the third quarter, in line with expectations.
 
The broader eurozone’s manufacturing purchasing managers’ index  rose to 46.2 for November from 45.4 in October, above expectations for a reading of 45.6.

Hopes that the International Monetary Fund and E.U. policymakers will free up pending aid for Greece fueled demand for higher-yielding assets as well, which sent the dollar falling and gold shining.

Elsewhere on the Comex, silver for December delivery was up 2.20% and trading at USD34.085 a troy ounce, while copper for December delivery was up 0.91% and trading at USD3.528 a pound.








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