The price of gold moved higher in trading yesterday as talk of the German rescue package for the Greeks pushed the Dollar lower as monies were funnelled back in to the Euro. Following last week's reverse, the first two sessions of the week have seen gains for gold, albeit we are still trading below the $1,100 level, and well of the record high of $1,225.
Gold & Silver
- The Chinese sovereign wealth fund bought 1.45mn shares of the SPDR Gold Trust, the worlds largest gold backed ETF
- German Chancellor Angela Merkel stated that any help would come under strict conditions and only if the Greeks undertook far reaching state reform
- Fed Chairman Ben Bernanke is due to release his prepared testimony to the Financial Committee today
- The Bank of England inflation report is scheduled for release today at 1030 GMT - this will provide further insight in to the health of the UK economy
Major Economic News
US Trade Balance