Precious metals advanced on sofer US Dollar on Monady

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Source: Dukascopy Bank
Precious metals posted gains on Monday amid softer US Dollar and signs of further quantitative easing in the US. Gold futures attained six-week high, finding additional support in the global concerns about the Iranian oil embargo imposed by the EU. Market sentiment also was improved due to expected increase in gold purchases by the central banks. However, demand for gold-backed exchange-traded products tumbled to almost one-year low. Nevertheless, the yellow metal is expected to grow on Tuesday ahead of Fed decision and release of the key manufacturing indicators in the EU. 


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Tue, 24 Jan 2012 15:18:22 GMT

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