Gold Rebounds after Overselling-Shanghai Metals Market

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Gold Rebounds after Overselling

Industry News 09:26:21AM Apr 12, 2013 Source:SMM

CHICAGO, April 11 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rebounded Thursday after overselling Wednesday.

The most active gold contract for June delivery rose 6.1 dollars, or 0.39 percent, to settle at 1,564.9 dollars per ounce.

The rebound is a natural response to the overselling on Wednesday, when investors set out bargain hunting by instinct.

On reports of Cyprus' gold selling plan, spokesman of the country's central bank told CNBC Thursday that "no such thing was being discussed."

Meanwhile, sharp drop in gold prices and a weak dollar have lured central banks to stack up gold.

Silver for May delivery gained 4.4 cents, or 0.16 percent, to close at 27.697 dollars per ounce. Platinum for July delivery climbed 6 dollars, or 0.39 percent, to close at 1,535.8 dollars per ounce.

 

Key Words:  Gold futures 

Gold Rebounds after Overselling

Industry News 09:26:21AM Apr 12, 2013 Source:SMM

CHICAGO, April 11 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rebounded Thursday after overselling Wednesday.

The most active gold contract for June delivery rose 6.1 dollars, or 0.39 percent, to settle at 1,564.9 dollars per ounce.

The rebound is a natural response to the overselling on Wednesday, when investors set out bargain hunting by instinct.

On reports of Cyprus' gold selling plan, spokesman of the country's central bank told CNBC Thursday that "no such thing was being discussed."

Meanwhile, sharp drop in gold prices and a weak dollar have lured central banks to stack up gold.

Silver for May delivery gained 4.4 cents, or 0.16 percent, to close at 27.697 dollars per ounce. Platinum for July delivery climbed 6 dollars, or 0.39 percent, to close at 1,535.8 dollars per ounce.

 

Key Words:  Gold futures