Gold Ends Higher As Investors Seek Value |
| Wall Street Journal - May 30, 2012 |
Gold futures ended higher Wednesday as investors flocked to the market after prices touched a fresh 2012 low during the session.
The most actively traded contract, for August delivery, gained $14.70, or 1%, to settle at $1,565.70 a troy ounce.
Spain clarified its plans to bail out troubled lender Bankia with proceeds from a treasury bond sale after the European Central Bank said it would oppose a rescue plan that used the central bank's lending facilities. A day earlier, Spain's credit rating was downgraded by ratings firm Egan Jones.
"The ongoing concerns in Europe were obviously what was pressuring commodity prices across the board. Gold traded down to support levels below or around the $1,535 area," said Dave Meger, director of trading at Vision Financial.
But as gold prices slumped to a fresh intraday low of $1,532.10 a troy ounce, traders who follow technical indicators spurred into action--entering the market as buyers.
Read Full Article from Wall Street Journal
- Posted: 2012-05-30 14:24:28
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