Gold showed slight advance on Wednesday's trading amid hopes and fears before the European second summit later in the day as some believes that European leaders are coming closer to launching a comprehensive plan on Wednesday while others see that there are still some hurdles. Trading today is witnessing a lot of volatility amid the mixed vibes where the main focus is on the European summit results after discussions that took place on Saturday. German Chancellor won the Bundestag lower house of parliament approval for expanding the EFSF on Wednesday, giving Merkel the power to negotiate the expansion process during the summit. Some analysts said today's meeting may not come out with details which may be announced on November 7-8 when European finance ministers meet. Nevertheless, further delay in the plan will probably cause disappointment in the market. In addition, the buoyant earnings by many European companies as well as better-than-estimated U.S. data eased some of the worries. U.S. durable goods excluding transportation equipment soared 1.7%, higher than both revised and forecasted readings of -0.4% and 0.4%. Spot gold is traded around $1715.60 an ounce after recording a high of $1720.15 and a low of $1694.82. Gold is hovering around one-month high, heading for the fourth daily rise while recording the longest stretch of advance in more than 60 days. Crude oil for November delivery retreated to trade around $91.90 barrel compared with the day's starting level of $92.47. In the FOREX market, the U.S. dollar pared its earlier drop against a basket of major currencies, where the dollar index is currently hovering around 76.24 near the day's starting level. Among other precious metals, sliver edged up to $33.47 from the day's opening of $31.09, platinum rose to $1591.20 from $1570.25 and palladium soared to $650.75 from $648.25 as of 14:21 GMT. |
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