Gold Rebounds on Some Fresh Safe-Haven Demand, Bargain Hunting
Thursday December 6, 2012 10:38 AM
Comex gold futures have rebounded from a morning sell off following news the European Central Bank has cut its economic growth forecast for the European Union. At its monthly meeting Thursday, the ECB said that Euro zone economic growth will be stagnant to declining during 2013. The ECB projects overall EU economic growth at minus 0.3% during 2013. Just three months ago the ECB projected overall EU economic growth at 0.5% during 2013. That news sunk the Euro currency and boosted the U.S. dollar index. Gold saw a bounce on short covering, bargain hunting and fresh safe-haven investment demand. Comex February gold last traded up $3.10 an ounce at $1,696.90.