Home / Metal News / Aluminium / Gold May Decline for a Third Day as Stocks Rebound Ahead of Obama Speech
Gold May Decline for a Third Day as Stocks Rebound Ahead of Obama Speech
Sep 8,2011 09:26CST
industry news
Source:SMM
Gold may decline for a third day as global equities rallied amid optimism a plan by President Barack Obama will aid growth in the world’s largest economy.

Sept. 8 (Bloomberg) -- Gold may decline for a third day as global equities rallied amid optimism a plan by President Barack Obama will aid growth in the world’s largest economy, eroding demand for haven investments

Gold for immediate delivery was little changed at $1,814.65 an ounce by 6:41 a.m. Singapore time, after earlier falling as much as 0.7 percent. Bullion slumped 4.4 percent in the past two days, dropping from a record $1,921.15 on Sep. 6. Futures in New York were also little changed at $1,819.50.

“The gold price fell as investors embraced risky assets,” Lachlan Shaw, an analyst at Commonwealth Bank of Australia, said today in an e-mailed note.

Obama, who is scheduled to address Congress today, plans to propose boosting job growth by injecting more than $300 billion into the economy next year mostly through tax cuts and infrastructure spending, spurring the biggest gain yesterday in the Standard & Poor’s 500 Index in two weeks.

Platinum for immediate delivery rose 0.3 percent to $1,828 an ounce, trading back above gold after the yellow metal’s two- day slump. Cash silver fell 0.2 percent to $41.4863 an ounce while palladium was little changed at $753 an ounce.

 

gold price

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news