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Gold jumps more than one percent as equities dip

News Date: 23/2/2016 09:46:20
Gold prices notched up gains on Tuesday, along with silver prices and other precious metals in the safe-haven bracket, as European shares suffered broad losses due to weakening oil prices and negative data, as the German Ifo Business Climate fell in February to 105.7, compared to analysts' expectations of 107.0, and January's robust reading of 107.3.

Gold futures rose 12 dollars, or 1.04% to trade around $1,222.50 an ounce, while silver futures recorded smaller gains, advancing seven cents, or half a percent to $15.25 an ounce. Copper futures on the other hand dropped 0.47% to hover around $2.105 a pound.

European shares slipped across the board, with the pan-European index FTSEurofirst 300 giving up 0.31% to trade at 1,302. Germany's DAX skidded 60 points, or 0.60% to 9,516. France's CAC 40 index retreated 20 points, or 0.45% to hover around 4,280. Britain's FTSE100 index fell 30 points, or 0.50% to 6,004, barely holding itself above the important level of 6,000.

The dollar index, which measures the greenback against six major currencies,inched up 0.11% to 97.49, while the euro shed 0.22% against its American rival to trade at 1.0006. Japan's yen extended its earlier losses, recording a 0.54% drop to 112.28. Dollar additionally jumped 0.60% against the Swiss franc to hover around 0.9938.

Wall Street opened considerably lower in tandem with their European counterparts, with energy shares leading the decline. Dow Jones Industrial Average lost 40 points, or 0.26% to 16,576, while NASDAQ Composite slid 20 points, or 0.44% to trade at 4,550. S&P 500 gave up seven points, or 0.36% to 1,937.

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