Reuters reported that gold prices ended lower on Wednesday's trading session, off a previous two-week low. Responsible for weaker gold is a stronger dollar and weaker crude oil, triggered on profit-taking following the bullion's recent rally. Investors are also shifting their focus to developments in the latest bout of Eurozone debt crisis.
Gold prices were steady this week, but may be affected by news from the Eurozone and the release of the latest US jobs report.
The price of gold has fallen about 1.2 percent during the week as concerns over the Eurozone debt crisis linger and China shows signs of weakness.
Gold gained this week, but Eurozone concerns are keeping the market volatile.
Financial Post reported that bullish analyst Nick Barisheff sees gold rising to $10,000 an ounce.
Over the last three months, the Canadian equity market has demonstrated a strong appetite for deals including 836 merger and acquisition announcements worth approximately $57 billion. This investment restructuring is equivalent to the strongest deal quarter since prior to the credit crisis of 2008.
The gold price demonstrated a subdued sensitivity to mixed news flow affirming positive quarterly earnings reports and U.S. stock advancements coupled with some hope for resolving or delaying U.S. solvency issues.
With the parliament of Greece passing the first of two austerity measures, gold prices have been rising with growing investor appetite for risk. Analysts expect the vote to be in favour of the final austerity bill, which might gesture a bullish impact based on a weaker dollar.
ABC News reports that precious metal prices are rising because of worries about inflation and Europe's debt crisis.
Bloomberg reports that Gold futures rose on speculation that wide swings in currency markets will boost demand.
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