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Wednesday, May 30, 2012

gold prices outlook may 31 2012

gold prices outlook may 31 2012 : Gold traded little changed on Thursday, after bouncing from a key support level at $1,530 an ounce in the previous session, as investors remained focused on Spain's struggle with it finances and frail banking sector.

Spot gold [XAU= 1562.25 0.35 (+0.02%) ] was little changed at $1,561.80 an ounce by 0035 GMT, on course for a 6 percent monthly fall, stretching its losing streak to a fourth month and matching a similar run in late 1999. U.S. gold [GCCV1 1563.00 -2.70 (-0.17%) ] edged down 0.2 percent to $1,561.

Spanish government bond yields surged to a six-month high on deepening fears over the country's banking sector, and Italian bond yields broke above the 6 percent danger level.

Investors remained worried about Spain, even after the European Union offered it more time to reduce its budget deficit and direct aid to recapitalise distressed banks.

The benchmark U.S. Treasury note yield fell to a 60-year low as investors fled to safe-haven assets to ride out Europe's deepening financial crisis.

Latest opinion polls in Greece brought little comfort to investors, as they showed parties for and against a bailout neck-to-neck or very close to each another.

Contracts to purchase previously owned U.S. homes unexpectedly fell in April to a four-month low, undermining some of the recent optimism that the housing sector was touching

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