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Wednesday, July 18th, 2018 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

GOLD MARKET REVIEW OCTOBER 2011

After retreating through much of the last few weeks, Gold snapped its losses and ended the month 6.3% firmer.

Negative sentiment from the US caused equity markets to retreat at the start of the month. Investors turned to the precious metals as bargain hunters sought the safe have qualities of gold.

Gold prices recovered strongly from the $1600 level, and stayed on a firmer footing as markets sought direction from European leaders. Key speeches from Germany’s Anglea Merkal and France’s President Sarkozy signalled an increased joint will amongst European leaders to find a way forward and protect the Eurozone and the Euro, causing the gold price to dip slightly before firming again.

Seeking to calm market euphoria ahead of the European summit toward the end of the month, German ministers try to dampen enthusiasm amongst market observers by saying that they see minimal hope for an agreement. Coupled with poorer than expected growth figures from China, which saw annualised economic growth of 9.1% versus expectations of 9.3% for September, gold remains in favour.

Gold rose strongly toward the end of the month, regaining its poise as investors focussed on the European Finance meeting. Though the final agreement – with the EFSF fund increased to $1 trillion, Greece’s debt cut in half, and the European banks recapitalised by $108 billion – pushed the gold price lower, any retreat is likely to be short-lived as concerns over Europe’s cohesiveness remain.


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