GOLD EASES AFTER 3 DAY RISE FOLLOWING COMMENTS FROM ECB AND HOME SALES
The European Central Bank left interest rates unchanged Thursday helping boost the euro. The ECB continues to provide stimulus in an effort to prop up its economy with keeping interest rates at all-time lows. Extreme low rates tend to help support the precious metal even with a weaker currency. Spot Gold was down 0.2 percent at $1,266.40 per ounce as the dollar index rose against a basket of currencies and got a boost from better than expected U.S. homes sales.
"Sales rose to 5.47 (million) during the month, that's 3.2 percent higher than a month ago and in contrast to the most recent reading on pending home sales," said Royce Mendes, director and senior economist at CIBC Capital Markets in Toronto. "The divergence suggests that the momentum higher could be short lived." Polls have predicted a win for Democrat Hillary Clinton and is viewed as an easing of the way for the Federal Reserve to raise interest rates.
At 5:50 P.M. (ET), the APMEX Precious Metals spot prices were:
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