Asia-Pacific Trading Shows Gold Futures Advancing
Asia-Pacific trading of gold futures climbed higher Wednesday after Slovakia's rejection of the improvements to the European Financial Stability Facility.
Meanwhile, French bank Societe General forecast gold prices to average $2,175 an ounce in 2012, a slide from the previous $2,275 an ounce.
The rising dollar's power versus gold will make it expensive to buy for other currencies. The dollar index was higher by 0.12 per cent to 78.02.
On the New York Mercantile Exchange, Comex division, gold futures for December delivery negotiated at $1,666.35 an ounce during early trade, reaching 0.30%, after crashing a low of $1,662.25.
On Tuesday, Slovakia's Parliament deferred a vote on increasing the USD600 billion European Financial Stability Facility, sending global concerns to escalate over the eurozone's capacity to self-treat its debt crisis. Slovak lawmakers have to reschedule a vote meeting on the matter. It is the last member of the 17-nation common currency yet to vote on the bailout fund.
Representatives from the European Union, International Monetary Fund, and European Central Bank, said earlier in the day that some $10.9 billion will be given to Greece as rescue tranche by November to keep it afloat and prevent a default.
The European Commission said it is set to announce a plan late Wednesday on recapitalizing European banks.
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