Bullion: Gold Futures Settled Sharply Lower
Linkedin

Bullion: Gold Futures Settled Sharply Lower

Francisco : IN : USA | Jun 24, 2011 at 11:09 AM PDT
XX XX
Views: Pending
 
Guess who is buying Silver?

SAN FRANCISCO: Gold futures settled sharply lower Thursday, tracking a broad commodities selloff to break a seven-session winning streak as prices of crude oil fell more than 4% and the U.S. dollar strengthened.

Gold for August delivery GC1Q -0.16% fell $32.90, or 2.1%,to $1,520.50 an ounce on the Comex division of the New York Mercantile Exchange.It had gained nearly $38 during the winning streak that stretched back to June 14.

‘Expectations’

The benchmark July silver contract SI1Q -0.35% also sank, off $1.74, or 4.7%, to $35 an ounce. First and foremost, gold is reacting to the sharply higher U.S. dollar index, said Darin Newsom, a senior analyst at Telvent DTN. “Then there is the crude oil selloff. The International Energy Agency said Thursday that it will release 60 million barrels of oil into world markets in the coming month to counteract lost production in Libya. If we are getting 60 million barrels of new crude oil into the global market, then the inflationary story is really taking a beating today, thus gold indirectly gets hit, too, said Richard Hastings, a macro strategist at Global Hunter Securities. August crude fell $3.85, or.4%, to $91.55 a barrel on the New York Mercantile Exchange after tapping a low of $89.69. Read more about oil. Safe-haven buying could emerge in gold soon, with a weaker Dow Jones Industrial Average also providing some support, Newsom said.

Gold investors also gauged comments by the Federal Reserve and lackluster results from a key Chinese manufacturing survey.

naeemsehar is based in Lahore, Punjab, Pakistan, and is an Anchor on Allvoices.
Report Credibility
 
  • Clear
  • Share:
  • Share
  • Clear
  • Clear
  • Clear
  • Clear
 
 
 
Advertisement
 

News Stories

 
  • Gold drops sharply

      United Press International
    Gold futures dropped sharply Thursday as equities tumbled early and the dollar gained strength in Europe. On the Comex division of the New York Mercantile Exchange, gold lost $31.20 to $1,522.10 per troy ounce. Crude oil prices also dropped, losing $...
  • Oil above $92 as traders mull IEA reserves release (AP)

      Turks and Caicos Free Press
    Oil prices rose to above $92 a barrel Friday in Asia, clawing back some of the previous session's big losses as investors mulled the impact of the IEA's release of emergency crude supplies. Benchmark oil for August delivery was up $1.16 to $92.18 a...
  • Gold gains as Greek crisis bubbles

      pakistantimes
    Gold rose for a third day on Tuesday, driven by a weaker dollar and uncertainty over the outcome of a confidence vote in Greece that may determine whether the country can avert a default on its sovereign debt. Bullion also got a lift from a return of...
  • Gold prices to rebound amid Greek debt crisis

      The Age
    Immediate-delivery gold was little changed at $US1,521.85 an ounce at 10:10 a.m. Singapore after gaining as much as 0.4 per cent to $US1,526.72 earlier. The price shed 1.8 per cent yesterday as commodities including oil slumped, curtailing the risk...
  • Australian Stock Market Report 6/24/2011

      International Business Times
    Covers the leading players in the finance industry Sample US jobless claims lifted by 9,000 to 429,000 last week, against expectations for a fall in claims to 415,000. European shares fell sharply on Thursday to a fresh three month closing low...US...
  • Indications: U.S. stock futures rise on Greece aid hopes

      MarketWatch
    U.S. stock futures gained early Friday, as news of progress made on resolving Greece's debt crisis cheered investors ahead of the release of economic data. Futures on the Dow Jones Industrial Average rose 53 points to 12,029 and futures on the...

More From Allvoices

Report Your News Got a similar story?
Add it to the network!

Or add related content to this report



Use of this site is governed by our Terms of Use Agreement and Privacy Policy.

© Allvoices, Inc. 2008-2014. All rights reserved. Powered by PulsePoint.