Markets

Gold Near Steady as Bulls Still Glowing in QE3 Aftermath - report

Comex gold prices are trading not far from unchanged in early dealings Friday, Kitco News reported. Prices did notch another fresh six-month high of US$1,780.20 an ounce overnight, basis December futures. The gold market is holding onto the sharp gains posted Thursday following the midday FOMC statement that unveiled QE3. The key "outside markets" are also fully bullish for the precious metals early Friday, as the U.S. dollar index is solidly lower and crude oil prices are solidly higher, with Nymex crude pushing above $100.00 a barrel. December gold was down $2.00 at $1,770.00 an ounce. Spot gold was up $0.50 an ounce at $1,768.25. December Comex silver was down $0.188 at $34.59 an ounce.

It said many markets, including the precious metals, are still feeling the bullish glow in the aftermath of the U.S. Federal Reserve expanding its balance sheet by announcing another round of quantitative easing of monetary policy, nicknamed QE3. However, there is a heavy slate of U.S. economic data due for release Friday that could move markets and turn attention away from the Fed's actions.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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