Gold down after roller coaster ride
Friday, 9 November 2007
TOKYO, Nov 8 (Reuters): Gold fell Thursday after sharp price swings the previous day, but underlying sentiment stayed bullish with investment funds looking to buy on dips due to a tumbling dollar and record high oil prices.
-- Gold hit a 28-year high of $845.40 an ounce on Wednesday, approaching a record high of $850 hit in January 1980, but heavy profit-taking kicked in by late European and U.S. trade.
-- Follow-through sales were carried over into Asian trade, with sharp falls in Japanese gold futures due to the yen's gains against the dollar, also adding to the downward pressure.
-- By 0043 GMT, spot gold was trading at $828.60/829.40 per ounce, down from $833.00/833.80 late in New York on Wednesday.
-- COMEX gold futures fell in Asia in line with falls in the cash price. The most active December contract was trading down $3.0 or 0.36 per cent at $830.5 from the New York settlement.
-- Gold hit a 28-year high of $845.40 an ounce on Wednesday, approaching a record high of $850 hit in January 1980, but heavy profit-taking kicked in by late European and U.S. trade.
-- Follow-through sales were carried over into Asian trade, with sharp falls in Japanese gold futures due to the yen's gains against the dollar, also adding to the downward pressure.
-- By 0043 GMT, spot gold was trading at $828.60/829.40 per ounce, down from $833.00/833.80 late in New York on Wednesday.
-- COMEX gold futures fell in Asia in line with falls in the cash price. The most active December contract was trading down $3.0 or 0.36 per cent at $830.5 from the New York settlement.