Gold prices fell for the first time in three days in Asia as some investors sold the metal to lock the profit after the rally to a record and as the dollar advanced.Bullion's 14-day relative strength index has been held in more than 70 since 13 November chart signal that gold prices can be set down. Gold for immediate delivery reached an all time high of $ 1174 per ounce yesterday and advanced 5.6 percent in the past seven days as the dollar fell 0.6 percent against a basket of six major currencies.
"With the increase in price as we have seen in two weeks, there must be small corrections along the way, especially when the resilience of the dollar signs," said Steven Zhu, head trader at Shanghai Futures Co. Tonglian "appetite of investors will be able to keep momentum at least until end of the year. "
Soon-bullion delivery fell as much as 0.7 percent to $ 1,158.28 an ounce, and traded at $ 1,159.74 at 9:49 pm Singapore time. December-delivery gold on the Comex division of the New York Mercantile Exchange was trading 0.4 percent lower at $ 1160 per ounce after yesterday reached a record $ 1174.
15 dollar rose against the currencies of the 16 most-active as traders took the bet to decrease before the U.S. Thanksgiving holiday this week, and before the release today of revised gross domestic product data expected to show the U.S. economy grew more slowly than expected in the initial velocity the third quarter.
Ownership in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, rose yesterday to 1,121.46 metric tons, the most since June 29. Investment demand for the metal as a haven against the dollar falling and inflation expectations have been boosted gold prices by 32 percent this year.
Among other precious metals for immediate delivery, silver was little changed at $ 18.545 an ounce, platinum fell 0.6 percent to $ 1,450.50 an ounce, while palladium fell 0.1 percent to $ 371.50 an ounce at 9:42 in Singapore.
source: bloomberg.com
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