Gold Ends Lower after Seesawing Session-Shanghai Metals Market

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Gold Ends Lower after Seesawing Session

Industry News 09:52:49AM Sep 13, 2012 Source:SMM

CHICAGO, Sept. 12 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange ended lower Wednesday, capping a seesawing session a day ahead of the U.S. Federal Reserve's policy announcement.

The most active gold contract for December delivery fell 1.2 U. S. dollars, or 0.07 percent, to settle at 1,733.7 dollars per ounce.

It had earlier traded as high as 1,749.5 U.S. dollars an ounce and as low as 1,727.3 U.S. dollars an ounce.

Gold gained some support from hopes the Fed would announce more stimulus but faltered after amassing some sharp gains earlier in the week. It had gained for three of the past four sessions.

Many investors are optimistic ahead of this week's Federal Reserve policy meeting. Expectations mounted that the Fed will announce more bond buying to support the U.S. economy at the end of its two-day policy meeting on Thursday. Gold has a traditional role as a store of value and thrives on fears of inflation and currency debasement.

It is reported that gold also garnered support after Germany's constitutional court rejected calls to block the ratification of Europe's 500 billion euro permanent rescue fund, the European Stability Mechanism, and the fiscal pact.

Silver for December delivery fell 27.4 cents, or 0.82 percent, to close at 33.292 dollars per ounce.

 

Gold Ends Lower after Seesawing Session

Industry News 09:52:49AM Sep 13, 2012 Source:SMM

CHICAGO, Sept. 12 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange ended lower Wednesday, capping a seesawing session a day ahead of the U.S. Federal Reserve's policy announcement.

The most active gold contract for December delivery fell 1.2 U. S. dollars, or 0.07 percent, to settle at 1,733.7 dollars per ounce.

It had earlier traded as high as 1,749.5 U.S. dollars an ounce and as low as 1,727.3 U.S. dollars an ounce.

Gold gained some support from hopes the Fed would announce more stimulus but faltered after amassing some sharp gains earlier in the week. It had gained for three of the past four sessions.

Many investors are optimistic ahead of this week's Federal Reserve policy meeting. Expectations mounted that the Fed will announce more bond buying to support the U.S. economy at the end of its two-day policy meeting on Thursday. Gold has a traditional role as a store of value and thrives on fears of inflation and currency debasement.

It is reported that gold also garnered support after Germany's constitutional court rejected calls to block the ratification of Europe's 500 billion euro permanent rescue fund, the European Stability Mechanism, and the fiscal pact.

Silver for December delivery fell 27.4 cents, or 0.82 percent, to close at 33.292 dollars per ounce.