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by Larkin - Jun 11, 2013 12:30 PM GMT+0200
Gold declined to the lowest price in more than two weeks in London on speculation the Federal Reserve will curb stimulus as the U.S. economy strengthens. Palladium retreated from a two-month high.
Standard & Poor’s lifted its outlook for the U.S.’s AA+ credit rating yesterday to stable from negative, citing receding fiscal risks. Federal Reserve Chairman Ben S. Bernanke said last month the central bank could curtail its $85 billion monthly bond purchases if the economy improves. Chinese markets remain closed today and tomorrow for holidays.
“Upbeat sentiment over the U.S. economic outlook continues to feed concerns of increasing U.S. yields and an easing pace to QE3,” Andrey Kryuchenkov, an analyst at VTB Capital in London, wrote in a report, referring to quantitative easing. “Volumes in Asia will be subdued due to holidays in China.”
Gold for immediate delivery slid 1.2 percent to $1,370.37 an ounce by 11:19 a.m. in London. Prices fell to $1,367.75, the lowest level since May 23. Bullion for August delivery was 1.2 percent lower at $1,369.40 on the Comex in New York. Futures trading volume was 7 percent below the average in the past 100 days for this time of day, according to data compiled by Bloomberg.
Morning Fixing
Bullion at the morning “fixing,” used by some mining companies to sell output, was at $1,369.50 in London, down from $1,383.25 yesterday afternoon.
Gold fell the most in three weeks on June 7 after data showed U.S. payrolls increased more than forecast in May. Prices slid 18 percent this year as an improving U.S. economy increased speculation the Fed may scale back quantitative-easing measures that helped bullion cap a 12-year bull run in 2012. Newcrest Mining Ltd. (NCM), Australia’s largest gold producer, said last week it will write down the value of its assets by as much as A$6 billion ($5.6 billion) after the slump in prices.
Holdings in exchange-traded products fell 6.1 metric tons to 2,129.8 tons yesterday, the lowest since April 2011, according to data compiled by Bloomberg. Assets in the SPDR Gold Trust, the biggest bullion-backed ETP, expanded yesterday for the first time since May 29, the company’s website showed.
Silver for immediate delivery dropped 1.2 percent to $21.67 an ounce in London. Platinum fell 1 percent to $1,491.28 an ounce. Palladium was down 1 percent at $762.28 an ounce, after reaching $771.30 yesterday, the highest since April 3.
Gold Falls to Lowest in More Than Two Weeks on Stimulus Outlook - Bloomberg
Gold declined to the lowest price in more than two weeks in London on speculation the Federal Reserve will curb stimulus as the U.S. economy strengthens. Palladium retreated from a two-month high.
Standard & Poor’s lifted its outlook for the U.S.’s AA+ credit rating yesterday to stable from negative, citing receding fiscal risks. Federal Reserve Chairman Ben S. Bernanke said last month the central bank could curtail its $85 billion monthly bond purchases if the economy improves. Chinese markets remain closed today and tomorrow for holidays.
“Upbeat sentiment over the U.S. economic outlook continues to feed concerns of increasing U.S. yields and an easing pace to QE3,” Andrey Kryuchenkov, an analyst at VTB Capital in London, wrote in a report, referring to quantitative easing. “Volumes in Asia will be subdued due to holidays in China.”
Gold for immediate delivery slid 1.2 percent to $1,370.37 an ounce by 11:19 a.m. in London. Prices fell to $1,367.75, the lowest level since May 23. Bullion for August delivery was 1.2 percent lower at $1,369.40 on the Comex in New York. Futures trading volume was 7 percent below the average in the past 100 days for this time of day, according to data compiled by Bloomberg.
Morning Fixing
Bullion at the morning “fixing,” used by some mining companies to sell output, was at $1,369.50 in London, down from $1,383.25 yesterday afternoon.
Gold fell the most in three weeks on June 7 after data showed U.S. payrolls increased more than forecast in May. Prices slid 18 percent this year as an improving U.S. economy increased speculation the Fed may scale back quantitative-easing measures that helped bullion cap a 12-year bull run in 2012. Newcrest Mining Ltd. (NCM), Australia’s largest gold producer, said last week it will write down the value of its assets by as much as A$6 billion ($5.6 billion) after the slump in prices.
Holdings in exchange-traded products fell 6.1 metric tons to 2,129.8 tons yesterday, the lowest since April 2011, according to data compiled by Bloomberg. Assets in the SPDR Gold Trust, the biggest bullion-backed ETP, expanded yesterday for the first time since May 29, the company’s website showed.
Silver for immediate delivery dropped 1.2 percent to $21.67 an ounce in London. Platinum fell 1 percent to $1,491.28 an ounce. Palladium was down 1 percent at $762.28 an ounce, after reaching $771.30 yesterday, the highest since April 3.
Gold Falls to Lowest in More Than Two Weeks on Stimulus Outlook - Bloomberg