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Gold slides to a two-week low, European stocks rally.

News Date: 17/12/2015 09:44:39
Update Date: 17/12/2015 10:17:04

European shares joined a world-wide rally as investors view the U.S. rate hike as a vote of confidence in the world's largest economy. The pan-European index FTSEurofirst jumped to a nine-day high, gaining 2.03% to 1,444, and paring the index's losses for December to 4.84%. Germany's DAX even outperformed that, surging 330 points, or 3.12% to 10,796. France's CAC 40 index climbed a hundred points, or 2.17% to 4,724. Britain's FTSE index was less buoyant, bogged down by commodity companies like Anglo American which lost 0.84%; the index overall gained 75 points, or 1.25% to 6,136.


Gold was hit badly by the dollar's post-Fed significant gains, as it makes the precious metal more expensive –and less attractive- to holders of other currencies since it is priced in the dollar. Gold futures dove to a two-week low at $1,053.50 an ounce, down 23 dollars, or 2.16%. Silver prices tagged along, with the futures tumbling 46 cents, or a heavy 3.25% to $13.78 an ounce. 


Euro fell for the third day against the dollar, giving up half a percent, and extending its losses for the week to 1.26%. Further upsetting the euro bulls; German Ifo business climate index tapered off in December to 108.7, missing the forecasts of 109.2. Euro slid 0.25% against the yen to 133.05; it was slightly down against sterling, trading at 0.7266.


Brent crude futures recovered noticeably, advancing 30 cents, or 0.80% to $37.68 a barrel. U.S. crude remained bearish however, down eight cents for the day, or 0.23% to $35.44 per barrel.


Wall Street opened higher, in line for a fourth straight day of gains, helped by a rallying banking sector, which is set to be the biggest beneficiary from the rate hike. Dow Jones rose 26 points, or 0.10% to 17,774. NASDAQ added 14 points, or 0.30% to 5,085. S&P 500 edged up 3 points, or 0.20% to 2,075.        


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