gold prices outlook 1st november 2011

gold prices outlook 1st november 2011 : Gold futures trimmed losses on Monday, pulling back from a three-day low as some safe-haven buying re-emerged amid ongoing concerns over the debt crisis in the euro zone. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,726.45 a troy ounce during U.S. morning trade, falling 1.3%.

It earlier fell by as much as 2.1% to trade at USD1,706.25 a troy ounce, the lowest price since October 26. Gold’s safe haven appeal helped prices came off their lows after European Central Bank Governing Council Member Jens Weidmann said earlier that Greece’s fundamental problems remain “unsolved” following last week’s euro zone summit.

Gold prices often move inversely to the U.S. dollar, as gold becomes more expensive for buyers using other currencies. Meanwhile, gold traders were awaiting a number of key events scheduled for later in the week, which could affect prices.

The Federal Reserve is scheduled to hold its policy-setting meeting on Wednesday, while the European Central Bank is to meet on Thursday to discuss monetary policy. The lender said in a report that, "Gold should slowly drift higher. If we get some significant policy decisions, like an announcement of QE3, it will give a jolt to the upside." For the latest updates PRESS CTR + D or visit Stock Market news Today

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