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Stimulus from Central Banks Helps Gold to Maintain Rally

March 12, 2013 at 23:18 by Vladimir Vyun

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 long-term bullish trend.

April gold futures advanced $0.20 (0.02 percent) to $1,592.00 per troy ounce as of 23:14 GMT on COMEX today.

If you have any questions and comments on the commodities today, use the form below to reply.

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