Gold Settles at Just Over $1,600

Mineweb reported that after making its largest one-day price gain since late last month, gold evened out at just above $1,600.

As quoted in the market news:

The metal benefited on Wednesday from gains in the euro on speculation the euro zone’s bailout fund could be given access to central bank money, and as weak U.S. data prompted fresh talk that more monetary easing could emerge later this year.

Spot gold was at $1,603.34 an ounce at 0946 GMT against $1,603.88 late on Wednesday, while U.S. gold futures for August delivery were down $5.80 an ounce at $1,602.30.

Click here to read the full Mineweb report.