Gold rallied today as the European economy continued to struggle, fueling speculations that the European Central Bank will maintain its accommodative monetary policy. The Bank of England will likely do the same as macroeconomic data from Great Britain was not good. Both industrial and manufacturing production declined in January, according to today’s report. Monetary stimulus of central banks is usually beneficial for the precious metal.
Gold extended yesterday’s rally, adding to confidence of bulls. Yet the metal has fallen 5 percent this year, making it hard to establish a
April gold futures advanced $0.20 (0.02 percent) to $1,592.00 per troy ounce as of 23:14 GMT on COMEX today.
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