Wednesday 28 September 2011

Gold Futures Edge Lower On Profit Taking, Greece Fears Support

Investors notched the biggest one-day gain after seven weeks of the previous session before the gold price sell gold for the duration of the post fell Wednesday.

New York Mercantile Exchange Comex division, losing 0.39% of gold for delivery in December term, USD1, 646.05 one troy ounce late Asian trade exchanges.

Previously USD1, 631.15 one troy ounce per day of at least 0.85% of world trade has dropped.

Gold prices in the euro zone policy makers hoping to take measures to support the economy of the area in the back of strong gains in global stocks increased by 3.6% on Tuesday on the need to raise funds to meet the reduction of losses in other markets.

However, some investors move to sell the positions of profit and profit has led to the lock.

Ongoing concerns about the loss of the debt problems of Greece pale European optimism about the recovery of the debt has been constrained by the sovereign.

Financial Times, the rescue plan for the second country in Greece euro area are divided on the conditions reported, the financing needs of the country's growing concern in recent months has increased dramatically.

At the end of the day, the European Fund for financial stability in Finland was the realization of the potential increase in the vote.

Gold is often in times of economic uncertainty and protection against the financial risk is considered an alternative currency.

Meanwhile, London-based GFMS Limited is the industrial group, due to the attractiveness of gold as a safe haven and the debt related to the concerns of European and global growth, uncertainty remains intact, "he said Tuesday in a report. "

Industry group maintained that the gold price will reach USD2000 per ounce at the end of the year.

USD3.356 per pound of copper for December delivery fell 2.43% to trade at other places in the Comex, silver for December delivery, fell 0.1% to trade at USD31. 50 ounces troy.

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