LOS ANGELES (MarketWatch) — Gold and silver futures rose sharply in early Tuesday electronic trading, moving in tandem with stocks as hope rose for a resolution to the European debt crisis.
Buffett on a Berkshire buying spree
Berkshire Hathaway's board approves the first stock buyback since 2000. In early Tuesday trading hours in Asia, benchmark Comex gold for December delivery GC1Z +4.15% was up $36.80 or 2.3% at $1,631.60 an ounce, with the gains coming after reports of a planned leveraged increase in funds available via the European Financial Stability Fund to shore up that region’s fiscal situation.
December silver SI1Z +6.50% made an even sharper advance, adding $1.04 or 3.5% to trade at $31.02 an ounce.
The metals’ advance coincided with an easing in the U.S. dollar and a rally in Asian share markets. Read more on Asian stock moves.
Concerns of a possible global liquidity crunch had sent gold futures plunging 2.7% and silver down a milder 0.4% in Monday trading on the Comex division of the New York Mercantile Exchange.
Gold’s Monday settlement was the lowest since late July.
Source; http://www.marketwatch.com
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