Gold Turns Higher, Keeps $1,700 in Sight

Source:

"Gold prices turned modestly higher Wednesday, with investors remaining tentative ahead of Thursday's European Central Bank policy meeting and the U.S. jobs report on Friday."

MarketWatch, Claudia Assis and V. Phani Kumar

Gold prices turned modestly higher Wednesday, with investors remaining tentative ahead of Thursday's European Central Bank policy meeting and the U.S. jobs report on Friday.

Gold for delivery in December GCZ2 -0.05% was up $0.20 to $1,696.10 an ounce on the Comex division of New York Mercantile Exchange. It earlier traded as high as $1,698.40 an ounce.

"We're consolidating at higher levels" but investors are cautious ahead of the two key events last week, said Charles Nedoss, a senior marketing strategist with Kingsview Financial in Chicago. "There are no big bets ahead of that," he added.

Gold briefly topped $1,700 an ounce on Tuesday. Some doubts about further stimulus announcements crept in, however, applying the brakes on gold's run. . .View Full Article

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe