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

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices Extend Losses, Silver Prices also Down

Tuesday, February 12, 2013 9:01 AM
Gold prices continued to slide during Asian trading hours on Tuesday, after plunging to its lowest level in last 5 weeks in the preceding session as bargain hunting was missing in the backdrop of Chinese Lunar Year celebrations while North Korea’s third successful nuclear test also failed to generate any fresh demand for safe haven bids. At around 7:00 a.m. EST, gold futures for April delivery fell 0.15% to $1646.70 an ounce while spot gold inched up 0.08% to $1648.90 an ounce. Although markets in Japan and South Korea reopened on Tuesday, markets in mainland China along with Hong Kong, Singapore, and Taiwan were shut as people celebrate weeklong Chinese New-year holidays. Earlier today North Korea confirmed that it has successfully carried its third nuclear test; however, the news failed to trigger any panic reaction from the neighboring countries like Japan. “Nobody in Japan is interested in buying or selling based on this news,” said a physical dealer at one of Japan's main bullion houses, while speaking to Thomson Reuters. Tokyo gold futures edged down 42 yen to trade at 4,988 yen a gram as speculators closed positions in order to book profits after last week’s rally when its benchmark gold contract hit the record high of 5,081 yen a gram. Physical demand was also weak in Asia which was reflected by declining prices. Gold bars remained at a discount of between 75 cents to $1 to spot prices in London, showed a data provided by Thomson Reuters. Meanwhile bullion investors will keep a close eye on the G7 Summit, scheduled to start later this week. Investors will be hoping to get a clear direction from leaders from the most industrialized nations on how they intend to fix the mechanism for the currency markets, more importantly euro. Lately, gold prices, in the absence of any bullion friendly news, have tended to follow fluctuations in currency markets. Silver futures lost 0.23% to $30.84 an ounce. In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.33% to $29.90, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 0.55% to $45.26.
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

Exclusive: Port squeeze threatens U.S. retailers' holiday stocking plansExclusive: Port squeeze threatens U.S. retailers' holiday stocking plans
CHICAGO/LOS ANGELES (Reuters) - A shortage of transportation equipment and possible labor disruptions at ​the Los Angeles/Long Beach port complex, ​the nation`s busiest, is delaying shipping contain...
Specter of no-inflation world looms over Fed's return to normalSpecter of no-inflation world looms over Fed's return to normal
WASHINGTON (Reuters) - After months of focus on slack in U.S. labor markets, the Federal Reserve faces a new challenge: the possibility that weak inflation may be so firmly entrenched it upends the ...
Three major nations absent as China launches World Bank rival in AsiaThree major nations absent as China launches World Bank rival in Asia
SHANGHAI (Reuters) - Australia, Indonesia and South Korea skipped the launch of a China-backed Asian infrastructure bank on Friday as the United States said it had concerns about the new rival to West...
Three major nations absent as China launches World Bank rival in AsiaThree major nations absent as China launches World Bank rival in Asia
SHANGHAI (Reuters) - Australia, Indonesia and South Korea skipped the launch of a China-backed Asian infrastructure bank on Friday as the United States said it had concerns about the new rival to West...
U.S. stock futures tumble on reports of NY Ebola caseU.S. stock futures tumble on reports of NY Ebola case
TOKYO (Reuters) - U.S. stock futures tumbled while safe-haven assets such as the yen and U.S. bonds gained on Friday after a doctor who returned to New York City from West Africa tested positive for...

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.