Gold dips, short drop below $ 1,150 / oz
December 7, 2009
Gold fell briefly Monday to touch a low of $ 1150 a week ons as investors increasingly cautious about the prospects for precious metals after the dollar rally last week. This is Celebrity latest news update.
Prices fell more than 4 percent on Friday in gold’s largest one day percentage loss in one year after the U.S. dollar met with U.S. jobs data better than expected.
Kazuhiko Saito, head analyst at Tokyo’s Fujitomi Co. Ltd., said some investors have begun to wonder if the central bank can start to tighten the measures taken to improve likuiditas and leaves less money flowing into gold.
European Central Bank President Jean-Claude Trichet said Tuesday in a package of decisions about goals and strengthen the ECB steps taken to improve likuiditas in the banking industry.
“One day before, says ECB useful (relaxed crisis support) … I believe that global investors wonder whether the U.S. can further,” said Saito.
“I do not think gold will fall quite as much (on Friday Rally U.S. dollars) only if the statement is never done,” he said.
Dollar jumps against other major currencies on Friday after data showed U.S. job losses less than estimated last month, hoping to strengthen a stable economy on the path to recovery.
Saito said, however, the flow of gold was not completely change the U.S. dollar last week and reli employment data, which in countries such as Japan and the United States is expected to keep interest rate low.
Spot gold stood at $ 1,153.30 per oz at 0303 GMT, down 0.5 percent percent of New York’s nosional closure of $ 1,159.55, but from that day low of $ 1,146.60.
Bullion rose to a record high $ 1,226.10 a mid-ons on Tuesday hoping for continuity weaknesses in U.S. currency.
U.S. term for gold delivery in February fell 1.3 percent to $ 1,154.70 per oz.
Dollar slips against the yen on Saturday because dealers pocket the monthly profit slipped from its peak at the end of last week, when a surprisingly low number of lost U.S. jobs, raise hopes of economic recovery.
The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said that ownership stood at 1,129.966 tonnes from December 4, 1524 tons, or down 0.1 percent from the previous day.
Nonkomersial net long term position of the U.S. gold down 1.2 percent to 259,064 more in 1 week in December, down from 262,331 the summit many, weekly reports from the U. S. Commodity Futures Trading Commission show.
India will follow China as the world’s largest gold konsumen in 2009, with global demand expected to remain at 432 tonnes, as investors rich notes against price bullion, metals consultancy GFMS said Kamis.
Got something to say?
You must be logged in to post a comment.
