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Commodity Daily News
Gold Prices Continue their Recovery
Wednesday, 9 Nov 2011
Spot gold prices continue to recover from their September lows as events in Europe have boosted demand for the commodity. The safe haven asset continues to gain in the cloudy macroeconomic environment, rising above $1,800 yesterday.
Growth is beginning to slow in the euro zone and European PMI surveys hint at below average Q4 GDP. ECB President Mario Draghi told reporters that the euro zone economy may slip to a mild recession. Events in Greece and Italy have also kept financial markets uneasy, possibility increasing demand as a safe haven asset. As events in Europe continue to weigh on market sentiment, spot gold prices may continue to receive a bid.
