We have updated our privacy policy and terms & conditions. Find out more here.
5
 

Gold turns higher on euro zone worries

By Investing.comCommoditiesMar 27, 2013 02:53PM GMT Add a Comment
 
AA
+
-
Investing.com - Gold prices turned higher on Wednesday, as renewed concerns over the debt crisis in the euro zone boosted demand for the precious metal.

Gold turns higher on euro zone worries
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery climbed 0.60% to USD1,607.15 per troy ounce.

Gold futures were likely to test support USD1,591.20, the session low and resistance at USD1,613.46, Monday's high.

Gold prices came off session lows as investor focus shifted away from Cyprus back to Italy amid growing doubts over Italy's ability to form a stable government.

The head of Italy’s center-left alliance Pier Luigi Bersani ruled out forming a coalition on Wednesday, saying that only an “insane” person would want to govern the country.

Investors also remained concerned that the bailout deal for Cyprus could set a precedent for future bailouts in larger euro zone states, with big bank depositors and senior bond holders forced to suffer losses.

Gold prices were supported after a report by the International Monetary Fund on Tuesday showed the world's central banks continued to stock up on bullion in February. The IMF said central banks have been net buyers of gold for 23 straight months through January.

In the U.S., a report by the National Association of Realtors showed that the pending home sales index slipped 0.4% in February as limited inventory curtailed the market in many areas, but remained at the second highest level in nearly three years.

Elsewhere, Comex silver for May delivery declined 0.46% to USD28.548 per ounce while copper for May delivery slid 0.40% to USD3.430 per ounce.



Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Gold
 
 
 
Are you sure you want to delete this chart?
 
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg