Fed Chairman Ben Bernanke said April 25 that he’s prepared to “do more” if needed to spur the economy.
Investors are watching weekend elections in France & Greece and a European Central Bank meeting on Thursday, after data showed that Spain sank into recession in the first quarter.
Palladium hit its highest price in 6 weeks and is trading near $686.75/oz.
Manipulative Gold ‘Fat Finger’ Or Algo Trade Worth $1.24 Billion
The gold market was briefly shaken by an unusually large early morning sell order, which triggered a brief trading halt in gold futures and left traders questioning whether the transaction was a mistake and the motivation of the seller.
Gold 3 Day Chart – (Bloomberg)
Gold fell $14 in one minute despite no breaking financial and economic news and despite no movement in the dollar, oil, equity or bond markets.
There was only the insignificant personal income and spending numbers – which came in slightly better than expected and could not justify such quick falls.
CME Group's Comex division recorded an unusually large transaction of 7,500 gold futures during just one minute of trading. The sale took out blocks of bids as large as 84 contracts in one fell swoop and cut prices down $15 to $1,648.80 a troy ounce.
The sharp losses triggered a 10-second trading halt in June-delivery gold futures, CME told Dow Jones Newswires.
"The market was given a short period to recalibrate and ... it was for 10 seconds," a CME spokesman said. "It only happened in gold futures, in the June gold contract."