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Old June 10th, 2013, 12:37 PM
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Gold Trades Near Two-Week Low in New York on Stimulus Outlook

By Nicholas Larkin - Jun 10, 2013 8:14 AM ET
Gold was little changed in New York after declining to the lowest price in almost two weeks amid speculation the U.S. Federal Reserve will slow bond purchases as the economy strengthens.
The metal fell the most in more than seven weeks on June 7 after data showed U.S. employers took on 175,000 workers in May, beating the 163,000 median estimate in a Bloomberg survey. Fed policy makers will trim their so-called quantitative-easing program to $65 billion a month at their October meeting, from the current level of $85 billion, according to a separate Bloomberg survey.
“The latest U.S. employment data does not really change the status quo for weak investor sentiment,” Joni Teves, an analyst at UBS AG in London, wrote today in a report. “The fact that employment is holding up and continuing to hint at an improving environment, albeit gradual, reinforces optimism on the U.S. economy, which has been acting as an obstacle for gold.”
Gold for August delivery was little changed at $1,382.50 an ounce by 7:47 a.m. on the Comex in New York. Prices reached $1,375.60, the lowest since May 28, after dropping 2.3 percent on June 7, the most since April 15. Futures trading volume was 34 percent below the average in the past 100 days for this time of day, according to data compiled by Bloomberg. Gold for immediate delivery in London added 40 cents to $1,383.45.
Gold slid 18 percent this year as an improving U.S. economy increased speculation the Fed may scale back quantitative-easing measures that helped bullion cap a 12-year bull run in 2012. Alan Greenspan, a former Fed chairman, said on CNBC television last week that the central bank should move toward ending the monthly asset purchases.
ETP Holdings

Holdings in exchange-traded products fell 1.3 metric tons to 2,135.9 tons on June 7, the lowest since May 2011, according to data compiled by Bloomberg. China, the second-biggest gold consumer, approved Huaan Asset Management Co. and Guotai Asset Management Co. to start two bullion-backed products that will be denominated in yuan and traded on the Shanghai Stock Exchange, spokesmen for the companies said.
Silver for July delivery was little changed at $21.725 an ounce in New York, after falling to $21.33, the lowest since May 20. Palladium for September delivery was 0.8 percent lower at $755.30 an ounce. Platinum for July delivery lost 0.2 percent to $1,498.90 an ounce.
To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net
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