Gold remains below $1200 in Asia
Spot gold was seen trading at $1191.35 an ounce at 12.00 noon Singapore time while US gold was seen at $1204.22 an ounce on the comex division of nymex.
Gold remained below $1200 an ounce in Asian trade Friday, on its way to yet another weekly lose and worst quarter finish in nearly 45 years.
Analysts said the precious yellow metal is unlikley to extend gains as a stronger dollar can weigh on commodities priced in the U.S. unit by making them more expensive for users of other currencies.
Spot gold was seen trading at $1191.35 an ounce at 12.00 noon Singapore time while US gold was seen at $1204.22 an ounce on the comex division of nymex.
US Fed moves to wind down the bank's $85 billion monthly bond purchases on the back of a recovering economy created immense pressure on gold.
Analysts added that even lower prices didn't help physical demand, especially in Asia and ETF's are yet to recover from its loses.
Gold has fallen 30 percent this year as investors snubbed its inflation-hedge appeal as a recovering economy stirred fears of an end to central bank support.
On Thursday, gold futures were unable to sustain a modest, early bounce, with the contract for August delivery dropping $18.20 an ounce, or 1.5%, to close at $1,211.60. Gold came under renewed pressure as the dollar resumed its recent rally.
July silver fell 6 cents to close at $18.53 an ounce, while July platinum bounced back from the previous day's sharp decline to close up $21.50 an ounce at $1,325.20.
September palladium rose $17.45 to $650.70 an ounce, while July copper added a penny to close at $3.05 a pound.
Sumber : Google
No comments:
Post a Comment