(Kitco News) -Comex gold futures prices have sold off and are trading near the daily low in morning dealings Thursday. Fresh news out of the European Union is being deemed bearish for the precious metals and many other markets. The European Central Bank did reduce its key interest rate at its meeting Thursday, but not as much as many in the market place had expected. Also, the ECB bank chief hinted that there will be no dramatic moves by the EU or ECB, in the near term, to solve the EU sovereign debt and financial crisis. The U.S. stock indexes also sank on the fresh EU news, while the U.S. dollar index moved to its session high at the same time. February gold last traded down $16.00 an ounce at $1,728.80.
Source; http://www.kitco.com/reports/KitcoNews20111208JW_update.html
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