Gold Futures Options Trading
CALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741
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Gold Futures Options TradingCALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741 |
Gold Futures: Gold May Decline a Fourth Day in New York on China Economy Data March 11th, 2010Gold futures, little changed in New York today, may decline for a fourth day after China’s inflation and industrial output accelerated, adding pressure on the government to pare stimulus measures. China’s inflation reached a 16-month high and production increased the most in more than five years. Bullion climbed 24 percent last year as central banks maintained low interest rates and spent trillions to stimulate economies. Gold dropped the most in a month yesterday on speculation demand for the metal will slow as the Greek financial crisis eases. “Speculation of tightening monetary policies could add additional pressure,” James Moore, an analyst at TheBullionDesk.com in London, said in a report. Precious metals are “consolidating” and “we expect the euro and the European Union-related news to provide short-term direction.” Gold futures for April delivery lost 30 cents to $1,107.80 an ounce at 8:24 a.m. on the Comex in New York. The metal dropped 1.3 percent yesterday. Gold for immediate delivery in London was 11 cents lower at $1,108.30. Bullion fell to $1,106 an ounce in the morning “fixing” in London, used by some mining companies to sell production, from $1,120.50 at yesterday’s afternoon fixing. Consumer prices in China rose 2.7 percent in February from a year ago, the National Bureau of Statistics said today, compared with the 2.5 percent median estimate of 29 economists surveyed by Bloomberg News. China’s industrial production rose 20.7 percent in the first two months of 2010. The dollar was little changed against the euro, after earlier gaining as much as 0.3 percent. Bullion typically moves inversely to the greenback. Greek CrisisThe worst of Greece’s financial crisis is over, and other European nations won’t follow in its path, former European Commission President Romano Prodi said yesterday. The euro has slid against the dollar over the past month on investor concern that Greece will struggle to curb the region’s largest government deficit.“Demand is certainly visible in the $1,101-$1,105 range and that is probably helping the metal from an immediate crash,” Pradeep Unni, an analyst at Richcomm Global Services in Dubai, said in a report. “Investment demand is clearly on a slippery note.” Holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by the metal, fell 0.61 metric ton to 1,115.51 tons yesterday, according to the company’s Web site. Silver for May delivery in New York added 0.1 percent to $17.03 an ounce. Platinum for April delivery lost 0.2 percent to $1,587.70 an ounce. Palladium for June delivery slid 2.7 percent to $452.25 an ounce. - Glenys Sim in Singapore and Nicholas Larkin in London at Bloomberg. Click here for your Free Gold Futures Trading eGuide |
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