The Hand of Scalpuman

Forum of the Lord of Trading fellowship


 
HomeCalendarFAQSearchMemberlistUsergroupsRegisterLog in
Latest topics
» Daily Market Analysis from ForexMart
Tue May 03, 2016 9:51 am by Andrea ForexMart

» Company News by ForexMart
Wed Apr 27, 2016 9:46 am by Andrea ForexMart

» forex & binary - licensing & consulting
Thu Apr 14, 2016 1:32 pm by AGPLaw

» Stop leading an 8/5 robotic life and live real life!
Wed Oct 14, 2015 9:59 am by Ian Shaw

» Forex and binary options affiliate program reviews
Wed Sep 09, 2015 7:09 pm by affiliates-network

» InstaForex Company News
Thu Oct 02, 2014 8:29 am by IFX Yvonne

»  Forex expositions by ShowFxWorld.
Fri Aug 29, 2014 10:44 am by ShowFxWorld

» Forex News from InstaForex
Fri Aug 22, 2014 9:48 am by IFX Yvonne

» Shaolin Black Swan and Crunching Hobbit
Wed Jul 23, 2014 7:44 pm by Sauros




Share | 
 

 Gold May Extend Drop From Record on Dollar; Silver Falls From 30-Year Peak

Go down 
AuthorMessage
Batman

avatar

Posts : 786
Join date : 2009-08-06
Age : 30
Location : NYC

PostSubject: Gold May Extend Drop From Record on Dollar; Silver Falls From 30-Year Peak    Tue Sep 28, 2010 4:02 am

(Bloomberg)--Gold, trading little changed near a record, may fall as an advance in the dollar reduces demand for the precious metal as an alternative asset. Silver retreated from a 30-year high. Gold for immediate delivery lost as much as $2.50, or 0.2 percent, to $1,291.85 an ounce before trading at $1,292.85 at 10:14 a.m. in Seoul. Bullion reached an all-time high $1,300.15 an ounce yesterday. Immediate-delivery silver dropped as much as 0.8 percent to $21.2463 an ounce after yesterday rising to $21.6175, the highest level since October 1980.

“Gold is taking a breather at the moment after breaking the $1,300 mark again,” said Hwang Il Doo, a senior trader at Seoul-based Korea Exchange Bank Futures Co. “Some investors may think now is a good time to take profits. However, overall sentiment towards bullion remains bullish.” The Dollar Index, a six-currency gauge of the greenback’s value, advanced as much as 0.2 percent after touching the lowest level yesterday since Feb. 3. Gold for December delivery dropped $5.50, or 0.4 percent, to $1,293.10 an ounce on the Comex in New York. Futures reached a record $1,301.60 on Sept. 24.

Bullion has risen 18 percent this year, heading for a 10th consecutive annual advance, the longest winning streak since at least 1920, and spurring central banks globally to add the metal to reserves. Combined central-bank holdings rose in every quarter since the second quarter of last year, according to data from the World Gold Council. Holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, were unchanged at 1,300.52 metric tons as of Sept. 27, according to figures on the company’s website. Holdings decreased 0.91 ton on Sept. 24. Holdings in the iShares Silver Trust, the largest ETF for silver, climbed 30.4 tons to a record as of Sept. 24, according to figures from the funds’ websites. Platinum for immediate delivery fell 0.5 percent to $1,624.25 an ounce and palladium dropped 0.9 percent to $547 an ounce.

To contact the reporters on this story: Sungwoo Park in Seoul at spark47@bloomberg.net
Back to top Go down
View user profile http://thenatgastrader.blogspot.com
 
Gold May Extend Drop From Record on Dollar; Silver Falls From 30-Year Peak
Back to top 
Page 1 of 1
 Similar topics
-
» Gold Price Soars to New Record as U.S. Economy Stalls
» After 12 years of boom, gold prices bust
» Laugfs Gas lights up record results, declares dividends for third consecutive year
» Record Gold Hoard Spurs Bullish Bets
» Gold Price Hits New Record High at $1,624

Permissions in this forum:You cannot reply to topics in this forum
The Hand of Scalpuman :: The Trading Holy Grail Forums :: The Bull, The Bear and the Ugly Spreader Trading Forum-
Jump to: