Gold prices break higher and Dollar eases on upbeat Eurozone data

By IBTimes Staff Reporter | December 16 2009 6:12 AM

FXstreet.com (Barcelona) - Gold prices have rallied on Wednesday, breaking to a fresh intra-week high after Euro Zone PMI showed that activity in Eurozone's manufacturing and services sectors' continues recovering, which triggered a slight pullback on the dollar.

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Spot gold rebound at $1,111 low on Tuesday extended during European session, breaking above Tuesday's high at $ 1,129 with gold prices reaching a fresh Intra-week high at $1,134.

Eurozone Composite PMI has risen to 54.2 in December, according to flash estimations, its highest levels in the last 26 months with both services and manufacturing activity expanding at faster pace than in November, which sent the EUR/USD higher, bouncing from 1.4510 to test session highs at 1.4560 .

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