Gold Falls for 4th Straight Session on Stronger Dollar-Shanghai Metals Market

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Gold Falls for 4th Straight Session on Stronger Dollar

Price Review & Forecast 10:43:28AM Jan 29, 2013 Source:SMM

CHICAGO, Jan. 29 -- Gold futures on the COMEX division of the New York Mercantile Exchange fell for the fourth straight session Monday on a stronger dollar as well as on the uncertainty of the results of the upcoming Federal Reserve policy meeting this week.

The most active gold contract for February delivery fell 3.7 dollars, or 0.22 percent, to settle at 1,652.9 dollars per ounce.

Thus, gold touched its lowest level in three weeks following a 1.8 percent fall last week.

The U.S. dollar index, a gauge of the greenback against a basket of major currencies, rose to 79.814 from 79.762 Friday.

Gold's fall is also a result of mixed economic data released Monday.

The U.S. Commerce Ministry announced that the U.S. durable- goods orders jumped 4.6 percent in December, while the U.S. pending home sales released by the National Association of Realtors fell 4.3 percent last month.

Meanwhile, investors are looking toward the policy-setting Federal Open Market Committee meeting to be held this week, which is expected to announce its monetary policy decision. While some market analysts are expecting Fed to extend its policy of quantitative easing, others are thinking the opposite.

Analysts estimate that the gold market may stay within the trading range seen over the last six weeks for a while.

Silver for March delivery shed 42.6 cents, or 1.37 percent, to close at 30.78 dollars per ounce. Platinum for April delivery lost 32.7 dollars, or 1.93 percent, to close at 1,662.2 dollars per ounce.

 

Key Words:  gold price    
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Gold Falls for 4th Straight Session on Stronger Dollar

Price Review & Forecast 10:43:28AM Jan 29, 2013 Source:SMM

CHICAGO, Jan. 29 -- Gold futures on the COMEX division of the New York Mercantile Exchange fell for the fourth straight session Monday on a stronger dollar as well as on the uncertainty of the results of the upcoming Federal Reserve policy meeting this week.

The most active gold contract for February delivery fell 3.7 dollars, or 0.22 percent, to settle at 1,652.9 dollars per ounce.

Thus, gold touched its lowest level in three weeks following a 1.8 percent fall last week.

The U.S. dollar index, a gauge of the greenback against a basket of major currencies, rose to 79.814 from 79.762 Friday.

Gold's fall is also a result of mixed economic data released Monday.

The U.S. Commerce Ministry announced that the U.S. durable- goods orders jumped 4.6 percent in December, while the U.S. pending home sales released by the National Association of Realtors fell 4.3 percent last month.

Meanwhile, investors are looking toward the policy-setting Federal Open Market Committee meeting to be held this week, which is expected to announce its monetary policy decision. While some market analysts are expecting Fed to extend its policy of quantitative easing, others are thinking the opposite.

Analysts estimate that the gold market may stay within the trading range seen over the last six weeks for a while.

Silver for March delivery shed 42.6 cents, or 1.37 percent, to close at 30.78 dollars per ounce. Platinum for April delivery lost 32.7 dollars, or 1.93 percent, to close at 1,662.2 dollars per ounce.

 

Key Words:  gold price