Gold inches down after choppy trade, eyes equities

Gold edged down on Thursday after trading in volatile $20 range in the previous session, but a steadier euro, gains in equities and hopes that Europe was moving to prop up the region’s ailing banking sector could cushion the fall.

FUNDAMENTALS

* Spot gold eased $3.75 to $1,636.65 an ounce by 0018 GMT, having gained 1 percent on Wednesday on rallies in equities and commodities.

* U.S. gold fell $4.2 an ounce to $1,637.4 an ounce.

* The Nikkei stock average rose on Thursday, tracking commodity- and tech-led gains in the United States, after comments from Germany’s chancellor raised hopes that Europe was moving towards a plan to contain its debt crisis.

* Germany would help any of its banks with weak capital if they were not able to raise the money elsewhere, the country’s chancellor Angela Merkel said on Wednesday. – Reuters

Posted by VBN on Oct 6 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry