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

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices Extend Losses, Silver Prices Fall as Well amid Thin Volume Trade

Monday, February 11, 2013 8:45 AM
Amid thinly traded session due to weeklong vacation  in China, which is celebrating Chinese Lunar Year, gold prices extended losses during Asian trading hours on Monday as investors remain disinterested in safe haven bets in the backdrop of improving global macroeconomic environment. Silver prices also slipped in early trading on Monday. At around 6:30 EST, gold futures for April delivery edged down 0.29% to $1,662 an ounce, while spot gold fell 0.33% to$1661.36 an ounce. Silver futures lost 0.64% to $31.24 an ounce. Earlier on Friday, gold prices settled lower, posting very paltry weekly gains as investors, lately, have shunned poorly performing bullion market in favor of equities and other riskier assets—that have rallied in the wake of some better-than-expected economic data releases from both the U.S and China. In this backdrop, gold is mainly tracking direction from fluctuations in the currency markets as safe haven bids and inflation hedge bids have dried out.  Even though the Federal Reserve’s QE3 is on since September 2012, the fact that there is no inflationary pressure in some of the world’s major economies such as China, euro zone and the U.S is weighing on metal’s inflation hedge appeal. Moreover, the euro zone’s crisis seems to have abated with hundreds of banks that borrowed money from the European Central bank (ECB) at the height of the crisis, are lining to up to return the money---underpinning increasing financial stability in the region, putting pressure on safe haven bets. "I don't think there are many other influences in the market, certainly in the Asian market anyway, beyond currencies right now. So I think it's very much going to be the case of watch the dollar index," said Nick Trevethan, senior metals strategist at ANZ in Singapore, according to Thomson Reuters. SPDR Gold Trust’s Holdings Fall A data provided by Thomson Reuters showed that holdings of SPDR Gold Trust (ETF) (NYSE: GLD), world’s largest gold-backed exchange traded fund, dropped 0.23 percent to 1326.89 tons on Friday from 1329.90 tons on Thursday.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2015 the year you get RICH!

Latest Headlines

Orascom, Bombardier to build $1.5 billion monorail in EgyptOrascom, Bombardier to build $1.5 billion monorail in Egypt
CAIRO (Reuters) - Canada`s Bombardier Inc <BBDb.TO> and Egypt`s Orascom Construction <OC.DI> <ORAS.CA> and Arab Contractors will build a $1.5 billion monorail near Cairo, Egypt`s hou...
Japan to increase investment in Asian infrastructureJapan to increase investment in Asian infrastructure
TOKYO (Reuters) - Japanese Finance Minister Taro Aso said on Sunday his country`s government will increase investment in Asian infrastructure at a meeting of the Asian Development Bank (ADB), accordin...
UBS and Credit Suisse could combine investment banks: investorUBS and Credit Suisse could combine investment banks: investor
ZURICH (Reuters) - Swiss bank UBS <UBSG.VX> could combine its investment banking arm with that of Credit Suisse <CSGN.VX> to create a top player, Eric Knight, head of activist investor Kni...
China's Fosun offers $1.8 billion for 80 percent of U.S. insurer IronshoreChina's Fosun offers $1.8 billion for 80 percent of U.S. insurer Ironshore
HONG KONG (Reuters) - Fosun International Ltd <0656.HK>, an investment company controlled by Chinese billionaire Guo Guangchang, said it had offered to buy the 80 percent it does not already o...
McDonald's faces 'show me' moment with new CEO strategyMcDonald's faces 'show me' moment with new CEO strategy
LOS ANGELES (Reuters) - McDonald`s new Chief Executive Steve Easterbrook is set to unveil his plan on Monday to revive growth as the world`s largest hamburger chain struggles to win back consumers a...

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.

Algorithm Based
Trade Signals
arrow
swing trades FREE Swing Trade Ideas Clear, simple swing trades.
small cap swing trades Futures Day Trading System S&P + Crude Oil Signals
Autotrading Autotrade Stocks Try for Free!