Comex Gold Rallies on Fresh Safe-Haven, Technical Buying Following Weak U.S. Data
By Jim Wyckoff
Comex gold futures prices have moved up from modestly lower levels seen in early dealings Wednesday and are trading moderately higher and near the daily high. Fresh safe-haven demand and some technical buying are featured Wednesday at mid-morning, ahead of the much-anticipated elections in Greece on Sunday. The gold market also got a boost from the release of some fresh, weak U.S. economic data Wednesday morning, which bolstered notions the U.S. Federal Reserve will initiate another round of quantitative easing of monetary policy, which would likely be at least initially commodity-market-bullish. There is a Fed FOMC meeting next week, at which time U.S. monetary policy will be debated by Federal Reserve Board members.
August gold last traded up $9.40 an ounce at $1,623.10.