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Commodities Brief – Gold edges higher on Italian concerns, crude oil faces headwinds amidst rising stockpiles

Gold prices initially received a surge in strength Tuesday, as slightly less upbeat Chinese data and the Italian downgrade have shaped investor sentiment thus far. While slightly off its highs in the 1584 region, the yellow metal has managed to sustain the majority of its gains thus far, operating at USD $1582.50 per oz. in these moments. Afternoon action in the United States appears to fall short of a pricing catalyst, though anything short of nefarious that transpires could push the spot price higher near the vaunted 1600 resistance/uptrend barrier.
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Italy Consumer Price Index (EU Norm) (MoM) decreases 0.2% in Feb and (YoY) grows 2%

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