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Gold Drops Amid Improved World Optimism, Bearish Outside Markets

Live 24 hours gold chart [Kitco Inc.]

(Kitco News) - Gold prices have sunk below unchanged and are trading near their daily lows in late-morning action Thursday. The big rebounds in world stock markets the past 24 hours have taken the bullish steam out of the safe-haven gold market. The key "outside markets" are also bearish for the precious metals on this day: a higher U.S. dollar index and weaker crude oil prices. Still, there is a growing camp of metals market bulls that believes a revived world economy, including interest rates rising to more normal historical levels, will in the coming months lift raw commodity sector prices in general, including the precious metals. December gold was last down $6.00 at $1,267.50.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com

 

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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