Gold, Silver Decline in New York

Thursday, 13 Oct 2011 02:35 AM

 

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Gold fell for the second time this week in New York as equities declined and gains in the dollar curbed demand for the precious metal as an alternative asset.

The greenback climbed as much as 0.6 percent against a basket of six major currencies after a report showed exports from China rose the least in seven months. The dollar advanced 6 percent last month, while bullion declined 11 percent. The MSCI All-Country World Index of equities fell as much 1.1 percent.

“Gold is muted by the strength in the dollar,” Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said in a telephone interview. “Gold is taking cues from other markets.”

Gold futures for December delivery dropped 0.8 percent to settle at $1,668.50 an ounce at 1:44 p.m. on the Comex in New York. Prices have slumped 13 percent since touching a record $1,923.70 on Sept. 6.

The precious metal still has gained 17 percent this year, heading for an 11th annual gain. Investors have increased purchases as Europe’s sovereign debt crisis and financial turmoil boosted demand for a haven.

“Ultimately, given the ongoing government-debt-related crisis, safe-haven gold is still appealing to investors and buying should push the price higher over the rest of the quarter,” said Nikos Kavalis, an analyst at Royal Bank of Scotland Group Plc in London.

Silver futures for December delivery dropped 3.4 percent to $31.667 an ounce, the most since Sept. 28. Thursday’s fall ended a three-day rally, the longest in seven weeks.

On the New York Mercantile Exchange, platinum futures for January delivery fell 1.4 percent to $1,532.40 an ounce, retreating for the second time in three days. Palladium futures for December delivery slid 2.8 percent to $594.10 an ounce.

© Copyright 2014 Bloomberg News. All rights reserved.

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