Futures Market News
Gold futures set for biggest weekly loss in two months
Oct 12, 2012 10:26 AM
The yellowish metal is set to achieve its biggest monthly loss in eight weeks. This week's downgrade of Spain's credit by Standard & Poor's proved to be detrimental to the performance of the shared currency of the European Union, which the precious metal typically tracks. The Iberian nation is drawing attention due to its struggling banks and the belief it is on the brink of soliciting bailout aid.
"It needs a little time to find a floor, which in the near term is likely to be $1,750, but I don't see a compelling reason for it to drop below that," James Steel with HSBC told the news source as another analyst said investors are exercising large amounts of caution these days.
At 10:32 a.m. on Friday, gold futures fell 0.32 percent, a $5.60 loss to $1,765 per troy ounce.
The yellowish metal was coming off gains on Thursday, which were prompted by the U.S. Labor Department releasing stronger-than-projected employment data, MarketWatch reports.
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