Futures Market News
Gold futures slip as QE3 momentum falls
Sep 20, 2012 11:17 AM
Gold futures were slipping in value on Thursday, backing off gains as the upward propulsion provided by the U.S. Federal Reserve announcement about a third round of quantitative easing was on the wane, according to The Wall Street Journal.
Shortly after notching their top value in more than six months, the yellowish metal was dipping. But not after having achieved a 10 percent gain since early last month.
"Judging by the broader commodity market, QE3 euphoria from last week is now over," states a note penned by analyst Andrey Kryuchenkov with VTB Capital, according to The Wall Street Journal. He also referenced additional central banks' intervention programs as being beneficial to the yellowish metal.
At 10:40 a.m. on Thursday, gold futures fell 0.28 percent, a $4.90 loss to $1,766.80 per troy ounce.
Reuters reports the U.S. dollar gained on Thursday, another factor that draws down the value of the precious metal. On Wednesday, the precious metal climbed as high as $1,779 per troy ounce, within striking distance of the milestone price of $1,800 per troy ounce.
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