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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;



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