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Gold recovers slightly after slipping to a two year low

Article By: ,  Financial Analyst
April 16, 2013 11:51 AM

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- The Dow Jones was off to a good start this morning, trading up 55 points at 14,652 and rebounding from the worst drop in five months after the Boston Marathon bombings, described as an ‘act of terror’ by the White House, upset market sentiment.

- A lot of investors are keeping a keen eye on the price of gold, which seems to be following a similar trend to the Dow Jones. The metal tumbled to more than a two-year low of around $1,320 an ounce in the early hours of this morning but recovered to a current level of $1,373 as European stocks opened.

- The US will be releasing important economic data such as building permits and the consumer price index at 1.30pm GMT, which could further unsettle the US market.

- Unfortunately back in Europe, a market rebound is less likely as stocks continue to decline for a third day in anticipation that German Investor Confidence has declined. This report will be released at 10am this morning, followed by a speech by European Central Bank President Mario Draghi at 2pm.

- The German Dax is currently down 30 points, trading at 7676, the French CAC is down 10 points, trading at 3695, and the EU Stocks Index is down 12 points, trading at 2617. The FTSE 100 also declined during the first hour of trading to a low of 6308 ahead of consumer price index year-on-year data released at 9.30am. The Bank of England’s inflation letter, which will be released later today, will depend on the outcome of the earlier figures.

- So with a lot of uncertainty and a busy day in terms of economic data it looks like we could be in for another volatile day in the markets. Good luck today and thank you for listening.

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