Gold Slightly Up amid Bullish Outside Market Forces - report
Comex gold futures prices are slightly higher in quieter, pre-holiday trading early Tuesday, according to Kitco News. It said the key 'outside markets' are in a mildly bullish posture for the precious metals Tuesday morning, as the U.S. dollar index is weaker and crude oil prices are firmer. February gold traded up US$2.00 an ounce at $1,700.20. Spot gold was quoted up $0.90 at $1,699.50. March Comex silver traded up $0.215 at $32.495 an ounce.
U.S. and world markets are quieter and trading volumes lower this week as the holidays and end of the year are right around the corner. Many traders are winding things down and stepping to the sidelines until January.
Attention of the market place remains on the U.S. 'fiscal cliff' tax increases and spending cuts that is fast approaching. On Monday there was significant movement on the Republican side toward more middle ground, which suggested both sides are coming closer to a deal. This has given the U.S. stock market a boost early this week. The market place reckons odds are higher than not that there will be a last-minute agreement among U.S. lawmakers to avoid the fiscal cliff. The overall situation has been a bearish drag on many markets, including the raw commodities and stock markets.
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