Futures Market News
Gold futures slip as Spain's fiscal issues manifest
Apr 16, 2012 12:33 PM
Gold futures were slipping in value on Monday but losses to the yellowish metal were not as steep due to the U.S. dollar's tenuousness as the trade week began, Dow Jones Newswires reports.
Foreign exchange markets are prompting the rise and fall of bullion as the precious metal capitalized on weaknesses exposed by the world's reserve currency against rival monetary units but also was victimized by the shared currency of the European Union driving lower toward the $1.30 price against the U.S. dollar.
"We anticipate gold physical buying to come to the fore should gold dip below $1,640," analysts with Standard Bank told the news source.
At 11:02 a.m. on Monday, gold futures fell 0.44 percent, a $7.30 dip to $1,652.90 per troy ounce.
Reuters reports steadily increasing debt yields in Spain are serving as a burden for the yellowish metal, as is the slackening pace of development in China, host of the globe's second-largest economic system.
Momentum in the world's largest economy, that of the U.S., also appears to be on the wane, according to Reuters.
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