Gold prices increased early Wednesday on the U.S. trading market. Prices increased to over $1,600 an ounce due to gains in for the American dollar and American economy. These factors lead to a positive outlook for traders with precious metals, and resulted in financial gains for gold bullion.
Gold prices have also rebounded due to a positive outlook on the financial status of Europe after the recent Cyprus bailout. Yet some investors are understandably concerned that the bailout in Cyprus could lead to future bailouts in other European countries.
Further, on Tuesday, the International Monetary Fund (IMF) said that the international central banks continued to add to their holdings of bullion in last month. Russia’s central bank increased its gold reserves for a fourth straight month, while Turkey’s central bank remained positive with precious metals and increased its bullion reserves as well.
Further, on Tuesday, the International Monetary Fund (IMF) said that the international central banks continued to add to their holdings of bullion in last month. Russia’s central bank increased its gold reserves for a fourth straight month, while Turkey’s central bank remained positive with precious metals and increased its bullion reserves as well.
Gold is on track for its first monthly increase since last September. However, many signs of future growth point to the metal most likely having its first back-to-back quarterly losses since early in 2001.
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