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LIBOR Scandal May Stimulate Gold Buying

Topics [ silver bullion prices gold bullion prices ]


Gold sold off Wednesday after Federal Reserve Chairman Ben Bernanke failed to hint at new stimulus measures despite recent signs of a U.S. economic slowdown.

"While easing may be expected, investors are still saddled with the uncertainty of not knowing exactly when such an order will be given," Edward Meir, metals analyst at INTL FCStone told Reuters.

Analysts at GoldCore underlined their belief that QE3 remained inevitable. They said “gold may also receive safe haven buying from the LIBOR (London Interbank Offered Rate) scandal,” the deepening rate rigging crisis afflicting the banking sector. Read the full story here.

Gold futures in New York settled down US$18.70 to US$1570.80 an ounce. Silver futures dropped 0.8 per cent to US$27.095 an ounce.

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