Resource Investor – After falling 0.94% last week, Comex gold futures rebounded 0.52% this week and ended at $1,723.60 on Tuesday. The S&P 500 index and the Euro Stoxx 50 index surged 2.05% and 3.39% this week. Crude oil futures have been especially volatile, surging 3.01% on Monday but falling 2.83% on Tuesday due to rapid development in the Middle East.
Gold surged on Monday as the market anticipated a solution to the US fiscal cliff while Israel-Hamas fighting intensified. Gold’s price retreated on Tuesday as soon as there were some signs of a cease-fire. The situation there remains fluid and uncertain, underpinning the gold price.
