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Gold eases after rally, holds near 6-wk top

Source : REUTERS
Last Updated: Fri, Nov 04, 2011 01:00 hrs
Gold eases after rally, holds near 6-wk top

Gold ticked lower on Friday after rising more than 1 percent in the previous session, holding near its highest in six weeks due to the uncertainty surrounding the euro zone debt crisis and the prospect of a Greek exit from the euro.

FUNDAMENTALS

nohup.out nohup.out_m_folder replace_dependentitem_tags.sh Spot gold fell $6.21 an ounce to $1,756.44 an ounce by 0014 GMT, but headed for its second week of gains. Gold jumped to as high as $1,767.40 on Thursday, its strongest since Sept. 22 -- still below a record around $1,920 hit in September.

nohup.out nohup.out_m_folder replace_dependentitem_tags.sh U.S. gold edged down 0.39 percent to $1,758.5 an ounce.

nohup.out nohup.out_m_folder replace_dependentitem_tags.sh Intense European pressure forced debt-stricken Greece to seek political consensus on a new bailout plan instead of holding a referendum after EU leaders raised the prospect of a Greek exit from the euro to preserve the single currency.

nohup.out nohup.out_m_folder replace_dependentitem_tags.sh The Group of 20 is considering injecting billions of dollars into the world economy through the International Monetary Fund to increase global liquidity, G20 sources said on Thursday.

MARKET NEWS

nohup.out nohup.out_m_folder replace_dependentitem_tags.sh The Nikkei share average rose more than 1 percent in early trade on Friday, catching up with U.S. gains after a Japanese holiday, on optimism that Greece will abandon a proposed referendum that threatened to undermine a plan to contain Europe's debt crisis.

nohup.out nohup.out_m_folder replace_dependentitem_tags.sh The euro gained against the dollar and yen in volatile trade on Thursday as optimism that Greece will forego plans to hold a referendum on its bailout package trumped a surprising interest rate cut by the European Central Bank.

(Reporting by Lewa Pardomuan; Editing by Himani Sarkar)




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