Gold falls in New York

November 14, 2012


Gold Falls

Gold moved lower on Monday as a lack of an agreement by eurozone governments to disburse more money to Greece prompted bullion investors to sell and take profits. “Healthy economic data in the short term will be negative for risk-on markets as it reduces the urgency for global central banks to continue their ‘easy money’ stance,” said Adam Sarhan, CEO of Sarhan Capital. Spot gold edged down 0.2 percent to $1,727.39 by 3:33 p.m. EST (2033 GMT), within reach to a three-week high around $1,738 struck on Friday.

Flight-to-quality buying lifted gold 3.2 percent last week, its biggest weekly rise since late August. US COMEX gold futures for December delivery settled unchanged at $1,730.90 an ounce. Trading volume was lower than usual, 30 percent below its 250-day average, as the US bond market was closed for the US Veteran’s Day holiday and as the Hindu festival of Diwali began in India. Silver dropped 0.6 percent to $32.38 an ounce. Among platinum group metals, platinum rose 0.5 percent to $1,558.10 an ounce, while palladium inched down 12 cents at $603.80 an ounce.



Courtesy: Reuters

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