Futures Market News
Gold futures slip as 3Q closes
Sep 28, 2012 12:09 PM
Gold futures were slipping in value on Friday but not enough to disrupt the metal's achievement of quarterly gains as the final trading day of the third quarter of 2012 closes Friday afternoon, MarketWatch reports.
The strengthened U.S. dollar drew down bullion one day after the yellowish metal achieved its top price in seven months. Those gains were linked with the exposure of tender spots in the U.S. economy, which drove investors toward storing their wealth in bullion.
"The most obvious catalyst for gold to break higher this year is going to be good news out of Europe. Anything that is dollar negative is going to help gold move to fresh highs for the year," precious metals analyst David Jollie with Mitsui told Reuters. "To see resistance at the previous highs is not a major surprise. I think the market is still viewing this as period of consolidation, and not the end of a move."
At 10:50 a.m. on Friday, gold futures dropped 0.19 percent, a $3.30 loss to $1,777.20 per troy ounce.
The yellowish metal is en route to achieving gains of nearly 11 percent this quarter, representing the best three months since the second quarter of 2010, Reuters reports.
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