Tue 03 Jul 2012 10:54:02 CT
Gold was clearly lifted by revived and ongoing hopes of near term central bank easing. With the move by China overnight to reduce their Reserve Rate Requirement again and the trade talking up the prospect of easing from the ECB on Thursday, there is hope that the entrenched expectation of global slowing will be discounted and a quasi euphoria event might be embraced by many markets like gold. However, while gold prices have seen a noted lift off expectations of an upcoming ECB rate cut, the markets might ultimately require easing hints from the US on Friday morning just to keep a softer than expected US Non farm payroll report from weighing on commodity prices again.
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