Tags: Gold | Futures | Dollar | metals

Gold Futures Fall as Dollar Rallies

Monday, 08 Oct 2012 04:23 PM

Gold futures fell for the second straight session Monday as the dollar’s advance curbed demand for the metal as an alternative investment.

The greenback rose as much as 0.5 percent against a basket of major currencies amid speculation that Spain is struggling to avoid a bailout from mounting sovereign debt. On Friday, gold reached the highest in almost 11 months after the U.S. unemployment rate fell to the lowest since January 2009, easing pressure on the Federal Reserve to expand monetary stimulus.

“The dollar is keeping the market quiet,” Pratik Sharma, a fund manager at Miami-based Atyant Capital, said in a telephone interview. “There is also some profit-taking.”

Gold futures for December delivery fell 0.3 percent to settle at $1,775.70 an ounce at 1:41 p.m. on the Comex in New York. On Friday, the metal reached $1,798.10, the highest for a most-active contract since Nov. 9.

In September, gold advanced 5.1 percent as stimulus programs in the U.S., Europe and Japan and low interest rates enhanced the appeal of the metal as an alternative to currencies.

Silver futures for December delivery slumped 1.6 percent to $34.017 an ounce on the Comex, the biggest drop since Sept. 24.

Platinum futures for January delivery fell 0.5 percent to $1,698.80 an ounce on the New York Mercantile Exchange. Palladium futures for December delivery declined 0.9 percent to $656.95 an ounce.

© Copyright 2017 Bloomberg News. All rights reserved.

 
1Like our page
2Share
Markets
Gold futures fell for the second straight session Monday as the dollar's advance curbed demand for the metal as an alternative investment.
Gold,Futures,Dollar,metals
227
2012-23-08
Monday, 08 Oct 2012 04:23 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved