Prices of gold prices dropped more than one
percent because of developments in Greece which touched off a recovery in stock
markets worldwide.
The precious metal benefited in early
trading from profits in various commodities but interest in gold waned later.
Spot gold went down 0.9 percent ($1,263.80
per ounce) after touching a trough of $1,255.21. US gold futures (April
delivery) were down 1.3 percent ($1,260.30 per ounce).
Market analysts said there was a bit of repositioning
from safe havens with $1,280 being removed. The 50 percent retracement could
have set off selling orders.
Gold prices increased over eight percent
last month which was the strongest in three years although expectations for interest
rate increases in 2015 restricted possible gains.
Gold remains sensitive to data as investors
are speculating on when the Fed will possibly bring up rates.
New inflows were seen in gold-supported ETFs
with holdings (New York exchange-listed SPDR shares) reaching its highest since
last October.
For the rest of precious metals, silver increased 0.9
percent ($17.36) per ounce. Platinum increased one percent ($1,235.25) per
ounce while palladium climbed up 0.1 percent at $783.75 per ounce.
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