Futures Market News
Gold futures slip as dollar gains
Jul 20, 2012 11:43 AM
Expectations among traders, investors and analysts for the U.S. to deploy additional stimulus measures to spur the U.S. economy, such as quantitative easing, were on the wane on Friday. The price of bullion has been within a $32 range this week as short-term investors are buying and selling with small price moves, analysts told the news source.
"Given the collapse of the rupee, gold prices in India are still close to record highs, which is killing the jewelry market at the moment," analyst David Wilson with Citigroup told Reuters. "Physical investor demand, when you look at ETFs, is not positive, so you would need speculative demand to be making up the difference, and it's not. That's related to the issue of growing skepticism over whether there will be U.S. QE."
At 9:46 a.m. on Friday, gold futures fell 0.21 percent, a $3.30 drop to $1,577.10 per troy ounce.
Forbes reports Friday morning saw gains to the Dollar Index, a metric of the value of the world's reserve currency against competing monetary units.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Receive Your FREE Grain Futures eBook
Download “Inside the Grain & Oilseed Markets” today!
Whether you are new to the agricultural commodities industry or a seasoned trader, it is important to have a solid understanding of the markets to assist you and your trading strategies. From its unique specifications to its key fundamentals, learn how this important sector came to be.
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.