Gold loses steam as euro, Korea worries ease
Friday, 26 November 2010
SINGAPORE, Nov 25 (Commodity Online): Gold lost steam Thursday after the dollar recovered while Korean Peninsula tensions eased.
Spot gold was seen trading at $1371.48 an ounce at 12.30 pm Singapore time while US gold futures was at $1372.64 an ounce on the comex division of Nymex.
Analysts said the precious yellow metal is likely to ease further as Korea tensions eased while the euro dropped further on Europe worries.
The euro traded near a two-month low against the dollar on concerns over labor strikes and a Portuguese government vote tomorrow on austerity measures.
However analysts said news that Vietnam's central bank has granted additional quotas for domestic companies to import gold between now and the year end didn't influence the bullion.
Most US markets are closed Thursday for the Thanksgiving holiday.
On Wednesday, gold lost some momentum after jumping the most in three weeks in the previous session, as a flight to safety fizzled a little bit. Silver retreated and platinum barely changed.
The most active gold contract for December delivery inched down $4.6 , or 0.3 per cent, to $1,373.0 per ounce.
The US Labour Department announced Wednesday that last week 's initial jobless claims plunged 34,000 to 407,000, which is much less than economists' forecast of 435,000, and helped alleviate market concerns over the sluggish economic recovery, eroding gold' s safe-haven appeal.
Silver futures for December delivery trimmed 4.4 cents, or 0.2 per cent, to 27.528 dollars per ounce. January platinum added 0.7 dollars, or 0.04 per cent, to 1,658.4 dollars per ounce.
Spot gold was seen trading at $1371.48 an ounce at 12.30 pm Singapore time while US gold futures was at $1372.64 an ounce on the comex division of Nymex.
Analysts said the precious yellow metal is likely to ease further as Korea tensions eased while the euro dropped further on Europe worries.
The euro traded near a two-month low against the dollar on concerns over labor strikes and a Portuguese government vote tomorrow on austerity measures.
However analysts said news that Vietnam's central bank has granted additional quotas for domestic companies to import gold between now and the year end didn't influence the bullion.
Most US markets are closed Thursday for the Thanksgiving holiday.
On Wednesday, gold lost some momentum after jumping the most in three weeks in the previous session, as a flight to safety fizzled a little bit. Silver retreated and platinum barely changed.
The most active gold contract for December delivery inched down $4.6 , or 0.3 per cent, to $1,373.0 per ounce.
The US Labour Department announced Wednesday that last week 's initial jobless claims plunged 34,000 to 407,000, which is much less than economists' forecast of 435,000, and helped alleviate market concerns over the sluggish economic recovery, eroding gold' s safe-haven appeal.
Silver futures for December delivery trimmed 4.4 cents, or 0.2 per cent, to 27.528 dollars per ounce. January platinum added 0.7 dollars, or 0.04 per cent, to 1,658.4 dollars per ounce.