Gold prices fell Thursday as the European Central Bank head tapped down hopes of more government bond buying, hammering the euro and boosting the dollar.
European shares fell in a choppy afternoon session on Thursday, erasing earlier strong gains, with traders saying the market came under pressure after European Central Bank President Mario Draghi cautioned on the region's economic outlook.
The European Central Bank doused on Thursday hopes it will aggressively ramp up its bond-buying program and allow the euro zone to lend money to IMF so it can help fight the Eurozone debt crisis.
Stock index futures were little changed on Thursday after investors pushed up stocks for three straight sessions, betting leaders come up with a solution to Eurozone debt crisis at an upcoming summit.
The European Central Bank cut interest rates by a quarter of a point on Thursday to counter the twin threats of recession and deflation in the Eurozone, and is expected to unveil fresh measures to help banks hurt by the bloc's debt crisis.
The president of the European Commission appealed to EU leaders on Thursday to set aside their differences and unite to rescue the euro from a sovereign debt crisis that is menacing the world economy.
Stock index futures dipped on Thursday after three straight winning sessions as investors bet leaders at a euro zone summit will come up with a solution to the region's debt crisis.
Gold prices, like global stocks and major currencies, hardly moved Thursday as investors waited to see if Europe would manage to stanch its debt crisis and avoid a recession, or worse.
The ECB is expected to cut rates and unveil a new package of bank aid on Thursday, with markets also watching for any hint it will intensify its bond buying support for the bloc's struggling periphery, setting the stage for a critical euro zone summit.
Treasury Secretary Timothy Geithner spoke with ECB President Mario Draghi and IMF Managing Director Christine Lagarde by telephone on Wednesday during a whirlwind round of diplomacy ahead of an EU summit, a U.S. Treasury official said.
The European Union (EU) summit this Friday will consume market attention, as it will discuss steps to resolve the Eurozone debt crisis. Price sensitivity to headlines will persist, if not intensify, and make for jerky market moves.
Gold prices barely moved Wednesday ahead of a key Eurozone summit global that investors hope will finally produce a viable solution to Europe's 2-year-old debt crisis.
French President Nicolas Sarkozy and German Chancellor Angela Merkel announced measures to be discussed at this week's crucial European Council meeting.
There is a significant chance that the Federal Reserve will embark on a third round of asset purchases to stimulate the U.S. economy, a major bond fund manager said on Tuesday.
The balance sheet of the Eurosystem of central banks hit a new high last week, while gold and gold receivables held by euro zone central banks remained unchanged at 419.822 billion euros in the week ending Dec. 2, European Central Bank data showed on Tuesday.
India gold, which traded steady Monday, is likely to near the all-time high helped by safe haven buying, and silver is likely to follow suit, analysts said.
European stocks rose early on Monday, adding to last week's 8.5 percent jump on growing hopes of a comprehensive solution to the Eurozone debt crisis as French President Nicolas Sarkozy and German Chancellor Angela Merkel meet ahead of a key summit.
World stocks and demand for German government bonds rose on Monday as confidence grew European leaders would make big strides in solving the euro zone's debt crisis at a crucial summit this week.
Gold prices traded steady Monday, after posting their sharpest weekly rise in more than a month, as the eurozone kicks off a week packed with meetings and decisions crucial to the solution to its debt crisis as well as the euro.
Japan's Nikkei stock average edged higher Monday to build on last week's hefty gains on improved sentiment about the European debt situation, but uncertainty about how markets will assess Italy's new austerity plan capped the upside.
The catalyst for strong equities has been centered on the developments in Europe
The Eurozone will once again serve as the source of Wall Street's angst next week, as investors look to a summit of the region's political leaders for decisive solutions for the ballooning debt crisis.
