Futures Market News
Gold futures fall as 2Q begins
Apr 02, 2012 10:36 AM
The first trading session of the second quarter of 2012 kicked off Monday with gold futures slipping, according to Reuters.
The yellowish metal's performance followed that of crude oil as slippage in value to the U.S. dollar prevented bullion's larger losses.
"Recently prices have been driven strongly by speculative sentiment and it is not surprising to see those pullbacks," analyst Eugen Weinberg with Commerzbank told the news service. "But in the longer term, we still stay very confident that the upward trend in gold is still very constructive. We will continue to see buying on the dips, although on the demand side we had a couple of setbacks, especially from India with the strikes. But I think in the longer term, gold will perform even more like a currency, and be less dependent on the jewellery sector."
At 7:34 a.m. on Monday, gold futures fell 0.3 percent, a $5 loss to $1,666.90 per troy ounce.
The Economic Times reports the dollar index was just above its lowest rate in almost one month, which was touched late last week when the value of the shared currency of the European Union rallied.
Don’t Miss Our News Updates!
Share dt News:
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: TAS Live Room FREE VIP Pass
Enjoy interactive training on Market Profile®, volume analysis & the TAS Tools indicator package!
Daniels Trading is rolling out the red carpet for you. With your complimentary VIP Pass, you’ll enjoy access to the popular TAS Live Room. Your VIP Pass provides admittance to the next Tuesday morning live training session (8:30am-10:30am CT, Chicago).
Special Offer
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.
