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Reply #40: PRECIOUS-Gold steady as investors eye EU summit, ECB meeting [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-07-11 09:03 AM
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40. PRECIOUS-Gold steady as investors eye EU summit, ECB meeting

LONDON, Dec 7 (Reuters) - Gold steadied on Wednesday, with investors marking time ahead of an EU summit this week which they hope will deliver a lasting solution to the region's debt crisis, while a weak euro weighed on the precious metal's price.

Spot gold edged down 0.1 percent to $1,726.65 an ounce by 1058 GMT, having hit a near one-week low hit in the previous session.

Caution about the euro zone debt crisis is expected to dominate sentiment this week, ahead of a European Union summit on Friday and a European Central Bank meeting on Thursday.

The EU summit comes against the backdrop of mounting expectations that leaders will take steps to forge greater fiscal integration in the bloc, while the ECB is seen cutting its main interest rate for the second month running.
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