Precious metals held steady amid low volume on the first trading day of 2012. Gold rose 0.2% to $1,567 per ounce and silver advanced 0.4% to $27.81 per ounce in electronic trading on Monday afternoon.
While markets in the U.S. and London remained closed for the New Year’s holiday, most European markets posted gains after a better than expected report on German manufacturing activity. The Markit/BME Germany Manufacturing purchasing-managers index rose from 47.9 in November to 48.4 in December, above the prior estimate of 48.1. Germany’s benchmark DAX Index rallied 3.0% to 6,075.52 following the report, while France’s CAC 40 Index climbed 2.0% to 3,222.30.
In currencies, sovereign debt concerns continued to weight on the euro, which dipped 0.1% to 1.2929 against the U.S. dollar and fell to a ten-year low of 99.49 against the Japanese yen on Tuesday.
Source; http://www.goldalert.com/2012/01/precious-metals-steady-european-markets-rise-as-2012-begins/
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