The gold market ranged up today and in the process the December gold contract managed to take out the prior session's high. The gold market was partially benefited as a result of supportive action in the Euro and it would also seem like gold was able to draft some fresh support from rather surprising gains in US equities. Apparently European shares provided some of the lift in US stocks and with that area putting on a more positive face that in turn probably prompted some fresh buying into the long side of gold. It would seem as if a number of markets were buying into the idea that the ECB would be able to step in and reduce borrowing costs for Italy and Spain.
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