Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices Extend Losses in Asian Trading Hours as Investors Prefer riskier Assets; Silver Price also Slip

Wednesday, February 6, 2013 8:55 AM
Gold prices slipped during Asian trading hours on Wednesday as improving global macroeconomic indicators are spurring investors to raise exposure in riskier bets ranging from equities to commodities—away from safe haven assets such as bullion, which thus far have been outpaced by platinum group metals. Silver prices also slipped in early trading on Wednesday. At around 7:00 a.m. EST, gold futures for February delivery fell 0.17% to $1670.60 an ounce while spot gold edged down 0.18% to $1,669.54 an ounce. Stronger dollar also weighed on bullion prices. On Tuesday, the Japanese Yen plunged to a three year low against the greenback  after the news emerged that  Bank of Japan might appoint a new governor, who is known for his penchant of very accommodating monetary policies. The news triggered buying in gold futures on the Tokyo Commodity Exchange (TOCOM), with the most active contract, currently December, climbing for the fifth consecutive day to hit a record high of 5,073 yen a gram, according to a data provided Thomson Reuters. Nonetheless, the rest of Asia was calmer as bullion investors remain in sidelines, waiting for the European Central Bank’s policy rate statement on Thursday and wait for some more economic data to decide future course of action. Speaking to Thomson Reuters, a dealer in Singapore said, “My office in Tokyo told me there's buying in Japan, but it's pretty quiet here. Gold has been trading sideways for a while.” Andrey Kryuchenkov, strategist at VTB Capital in London, wrote in a research note, “( investors) remain unconvinced gold is capable of replicating its decade-long robust performance through to 2012 given recent improvement to global risk sentiment and rallying equity markets.” Meanwhile platinum group metals continued to rally on Wednesday in the backdrop of improving outlook on global industrial production.  While Platinum climbed to its highest level in four months on Wednesday, palladium was hovering near its highest level since September 2011. Silver futures lost 0.63% to $31.675 an ounce. In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was flat.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2014 the year you get RICH!

Latest Headlines

U.S. airlines focus on investor returns as industry profitsU.S. airlines focus on investor returns as industry profits
(Reuters) - Major U.S. airlines posted earnings gains on Thursday, aided by higher airfares and summer demand, and the two largest carriers announced moves to return more cash to investors. Americ...
Morgan Stanley to pay $275 million penalty for misleading RMBS investorsMorgan Stanley to pay $275 million penalty for misleading RMBS investors
NEW YORK/WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said on Thursday it had charged Morgan Stanley with misleading investors about two mortgage-backed securities it issued be...
Morgan Stanley to pay $275 million penalty for misleading RMBS investorsMorgan Stanley to pay $275 million penalty for misleading RMBS investors
WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said on Thursday it had charged Morgan Stanley with misleading investors about two mortgage-backed securities it issued before the ...
IMF cuts global growth outlook, warns of stagnation risk in rich nationsIMF cuts global growth outlook, warns of stagnation risk in rich nations
WASHINGTON (Reuters) - The International Monetary Fund on Thursday chopped its 2014 forecast for global economic growth to take into account weakness early in the year in the United States and China, ...
Bank of America to pay $16.6 million to resolve U.S. sanctions violationsBank of America to pay $16.6 million to resolve U.S. sanctions violations
WASHINGTON (Reuters) - Bank of America Corp`s banking unit <BAC.N> agreed to pay $16.6 million to resolve allegations that it processed transactions for drug traffickers who are subject to U.S. ...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.