London (Platts)--12Dec2007
Gold opened in Europe Wednesday at more or less the level of Tuesday's
open, despite the wild rise and fall of the gold price overnight in New York
and New York electronic trading.
The yellow metal had traded up to an intraday high of $813.10/oz, and as
low as around $796/oz.
On Wednesday, gold was bid $804.90/oz at 0947 GMT, having opened in
Europe at 0700 GMT at $808/oz.
With the decision Tuesday by the US Federal Reserve's Federal Open market
Committee, to cut the federal funds rate to 4.25% and cut the discount rate --
the central bank's lending rate to commercial banks -- by a quarter point, to
4.75%, foreign exchange also reacted wildly overnight.
The European single currency spiked above $1.471 and touched $1.460 on
the down side. At 0946 GMT Wednesday, the euro was worth $1.4687.
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