News Column

Gold Inches Above USD1,260 As World Bank Cuts Global Growth Outlook

June 11, 2014

WASHINGTON (Alliance News) - Gold prices are marginally higher Wednesday morning, with investors seeking the safe haven investment after the World Bank cut its global economic growth forecast.

Weakness in European markets is contributing as well to gold's gains.

Gold futures for August are up USD3.00 or 0.24% at USD1,263.20 an ounce.

On Tuesday, gold futures ended up USD6.20 or 0.5% at USD1,260.10 an ounce.

Silver for July is up USD0.035 or 0.18% at USD19.203 an ounce. Meanwhile, copper is down USD0.016 or 0.53% at USD3.037 per pound.

The World Bank today cut its global growth forecast to 2.8%, notably down from an earlier estimate of 3.2%, citing slower than expected growth in the US, China and Russia.

The US Treasury is set to release its monthly budgetary report for May at 2 pm ET. The consensus estimate calls for a widening of the budgetary deficit to USD139 billion from USD106.9 billion in April.

At 1 pm ET, the Treasury will announce the results of its auction of 10-year notes.

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Source: Alliance News

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