Gold falls ahead of U.S. data, but outlook bullish - JB News Feed

Gold slipped on Wednesday as investors stayed cautious ahead of the release of U.S. data, but fundamentals remained positive for a move higher in the near term, analysts said.

Existing U.S. home sales data later on Wednesday and new homes sales figures on Thursday will be watched. Weaker-than-expected data may point to a further deterioration in the housing market and increase the chances of more interest-rate cuts this year.

Analysts said a lower interest rate might prompt investors to exit the currency market and invest in alternative assets, including gold. A weaker dollar also makes the metal cheaper for holders of other currencies.

Read Full Story

Posted by Posted by Jewelry News at Wednesday, October 24, 2007 6:43 AM
Categories: gold, Precious Metals
 

What did you think of this article?




Trackbacks
Trackback specific URL for this post
  • No trackbacks exist for this post.
Comments
  • No comments exist for this post.
Leave a comment

Submitted comments are subject to moderation before being displayed.

 Name (required)

 Email (will not be published) (required)

 Website

Your comment is 0 characters limited to 3000 characters.