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Fed Speakers, Greece Dominate Week

November 26, 2012 - The spot price of gold moved up $3.80 per troy once to $1,734.00. U.S. gold futures for February delivery traded down $1.00 to $1,752.80 per troy ounce. Silver futures for December delivery gained $0.029 to $34.235 per troy ounce.

The current corrective pullback in the gold market is widely interpreted as a modest sell-off following Friday’s solid gains. The pullback is small compared to the gains, but looking ahead there are several factors that could influence the gold market this coming week.

At the top of the list for U.S. traders and investors, as they return from the Thanksgiving holiday, is the U.S. fiscal cliff series of tax hikes and spending cuts set to take effect in January. Negotiations between Congress and President Obama, as well as speakers from the Federal Reserve, will be watched closely this week for keys into the direction of markets.

On Monday, the latest meeting for Eurozone finance ministers and the International Monetary Fund is occurring in Brussels with the goal of unfreezing the latest tranche of bailout money for Greece. Negotiations are intended to produce an agreement over whether some of the previous bailout money given to Greece will be written off.

A Kitco News gold survey detailed 14 of 19 respondents seeing gold prices moving up this week, with only one seeing prices down and four sideways or unchanged.

George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures, said he expected gold to be up last week and he expects it to be up this week as well as they kick the can down the road in the Eurozone.

An agreement on the Greek debt, should the meeting produce one, is expected to bolster the euro against the dollar, helping the gold market, accord to Gero and Daniel Pavilonis, a senior commodities broker with RJO Futures.

Pavilonis said he believes they’ll get a package done and that situation will get pushed out of the way, which will put a magnifying glass on the fiscal cliff.

Talks between the Republicans and Democrats will be featured in news and watched closely by U.S. traders and investors as Congress returns from the Thanksgiving holiday this week.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer -

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