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

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices Fall but Heading Towards Weekly Gains, Silver Prices Down As Well

Friday, January 11, 2013 8:25 AM
Gold prices slipped during Asian trading hours on Friday as the U.S. dollar Index edged slightly higher; however, the yellow metal is on course to post its biggest weekly gains in more than a month, thanks mainly to European Central Bank’s (ECB) interest rate policy decision on Thursday—which refrained from any more cuts, strengthening the euro. Silver prices also edged lower in early trading on Friday. At around 5:30 a.m. EST, gold futures for February delivery lost 0.54% to $1,668.90 and spot gold fell 0.33% to $1,669.06 an ounce. Meanwhile in Japan, trading volume in Tokyo gold futures was very high on Friday. Japan’s new government, led by Shinzo Abe , unveiled a $117 billion economic stimulating package on Friday as the country try to break shackles of economic stagnation. World’s second largest economy is reeling  under economic contraction, and with new economic stimulating measures the country hopes to create 600,000 jobs and push inflation rate above 2 percentage point Following the announcement from Bank of Japan, the Japanese Yen slumped to its 2 1/2 year low against the greenback while Tokyo gold futures touched a record high of f 4,820 yen a gram ($1,699.62 an ounce) as fear of currency debasement in the backdrop of rampant currency debasement, prompted investors to seek safety in gold. Also, as the metal touched its record high, funds chose to close positions and book profits. “The record-high gold prices in yen have triggered some liquidation from Japanese customers, which is putting pressure on the market,” said Peter Fung, head of dealing at Wing Fung, Precious Metals in Hong Kong to Thomson Reuters. Central banks extremely accommodating monetary policies have been the key factor behind gold’s bull runs in last 12 years. In Asia, physical side demand remained strong, as China continued to make purchases before the Chinese New Year. Silver futures s edged down 0.69% to $30.70 an ounce. In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.34%.
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

'We don't have a magic wand', says ECB's Constancio'We don't have a magic wand', says ECB's Constancio
MADRID (Reuters) - Societies expect too much of central banks and they don`t have a magic wand to boost economic growth, European Central Bank Vice President Vitor Constancio said on Thursday. The E...
Politics clouds proposed overhaul of U.S. housing finance systemPolitics clouds proposed overhaul of U.S. housing finance system
WASHINGTON (Reuters) - The Senate Banking Committee appears likely to back a bill to wind down government-backed mortgage giants Fannie Mae and Freddie Mac, according to sources familiar with talks ...
April U.S. auto sales to rise 8.5 percent: J.D. Power, LMCApril U.S. auto sales to rise 8.5 percent: J.D. Power, LMC
DETROIT (Reuters) - U.S. auto sales will rise 8.5 percent in April from a year ago as spring weather entices consumers to look at new products, industry research firms J.D. Power and LMC Automotive sa...
Angry Muslims in Central African Republic call for partitionAngry Muslims in Central African Republic call for partition
BAMBARI, Central African Republic (Reuters) - In this dusty town at the heart of the Central African Republic, many angry Muslims advocate a simple solution to the threat of religious violence from ...
Vivendi to return 5 billion euros to shareholders after asset salesVivendi to return 5 billion euros to shareholders after asset sales
PARIS (Reuters) - French conglomerate Vivendi <VIV.PA> said it would pay out close to 5 billion euros in dividends and buy backs this year and next, rewarding shareholders after three major as...

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.