Gold & Silver Commentary – 24Feb

Posted: 24 Feb 2010, 9:12pm (PRECIOUS)


Despite an easing of the US Dollar, the price of gold remained pretty much unchanged as commodity traders adopted a wait and see approach, preferring to stay on the sidelines until Ben Bernanke speaks.

The Fed Chairman is scheduled to start his two day testimony at 1500 hours this afternoon, and all eyes will be on clues of future interest rate policy.

Gold remained in and around the $1,100 level.

Consumer Confidence in the US fell to ten month lows in reaction to a worsening jobs market.

The IMF have warned leading economies not to rush in to slashing budget deficits for another year in case it leads to a double-dip recession.

Mervyn Kings comments that the UK may have to return to quantative easing put further pressure on Sterling.

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