×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Gold | Bear | Market | Greece

Gold, Nearing Bear Market, Declines on Greece Political Crisis

Wednesday, 16 May 2012 02:56 PM EDT

Gold, on the brink of a bear market, declined for a fourth straight session as concern that Greece will have to leave the euro boosted the dollar and cut the metal’s appeal as an alternative asset.

The U.S. Dollar Index, a measure against six major counterparts, rose for a 13th day to a four-month high after Greece’s political leaders failed to form a ruling coalition.

“The market no longer seems to be seems pricing in whether Greece will leave the Europe Union, rather when it will happen,” Steve Scacalossi, a New York-based vice president at TD Securities Inc., wrote in a report. “The risk-off tone continued.”

Gold futures for June delivery fell 1.3 percent to settle at $1,536.60 at 1:45 p.m. on the Comex in New York. The settlement leaves prices down 19 percent from a record close of $1,891.90 reached on Aug. 22, about 1 percentage point shy of a bear market.

Earlier, bullion slumped to $1,526.70, the lowest since Dec. 29 and 21 percent below the record $1,923.70 it touched on Sept. 6. The metal erased its gains for the year on May 14.

Investor George Soros increased his holdings in the SPDR Gold Trust, the biggest gold-backed exchange-traded fund, in the first quarter, while billionaire John Paulson maintained his stake, filings showed.

Silver futures for July delivery dropped 3.1 percent to $27.196 an ounce on the Comex, after sliding to $26.73, the lowest since Dec. 29.

On the New York Mercantile Exchange, palladium futures for June delivery slipped 1.2 percent to $594.10 an ounce. Platinum futures for July delivery retreated 1 percent to $1,432.20 an ounce.


© Copyright 2022 Bloomberg News. All rights reserved.


269
2012-56-16
Wednesday, 16 May 2012 02:56 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

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