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05.09.2012 15:26

Gold stabilized

 

 

Gold prices held near a six-month high, as the recent U.S. macroeconomic indicators and Europe can count on new stimulus central banks.

European data suggest the possibility of a recession in the euro zone in the current quarter: PMI composite index in August fell to 46.3 points from 46.5 points in July, compared with a preliminary value of 46.6 points.

Manufacturing activity in the U.S. in August declined at the fastest rate in three years, giving investors hope for new stimulus the Fed.

The price of gold has doubled in the past four years, the Fed has held two rounds of purchases of government bonds, known as "quantitative easing."

Stocks of gold-ETF funds by Tuesday hit records 71.889 million ounces (2.038 tons), while the stocks of the largest ETF SPDR Gold Trust GLD totaled 1.293 tonnes.

September futures price of gold on the COMEX is now 1693.00 an ounce.


 

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