Gold Price Rebounds Amid Bullish Outside Markets
New York (Jun 8) The key "outside markets" on Wednesday find the US dollar index weaker, as the greenback bears are gaining downside momentum. Nymex crude oil futures prices are higher, at a seven-month high, and are trading just above $51.00 a barrel. World stock markets were mostly weaker overnight on profit taking and on a report from the World Bank late Tuesday that said world economic growth will be 2.4% this year versus its last forecast of 2.9% growth, which was issued in January. Also downbeat was China trade data, which showed its exports were down 4.1% in May, year-on-year. U.S. stock indexes are pointed toward firmer openings when the New York session begins.
Spot gold rose $8 to $1,256 as spot silver jumped more than 2% to $16.90.