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Gold Erases Early Spike Into the Close

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A short, sharp spell of risk-on in US equities alongside the open helped buoy gold (the positive correlation between the two has firmed in recent weeks) to prompt a near $25 rally in prices to touch $1864.24. This effect soon faded, however, with prices returning into negative territory ahead of the close. Silver saw a similar rally, with gains of as much as 7% at some points of the session. USD weakness helped, as did speculation that silver could be subject to an imminent short squeeze.

Both WTI and Brent crude futures slipped into the close despite seeing early risk-related support. Wednesday's lows held in both contracts, however.

Further growth numbers from France, Germany and Canada cross Friday.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com