Gold Rises Due to Physical Demand, Weaker Dollar
Published: Monday, 27 May 2013 | 6:36 AM ET
Gold rose on Monday, extending its gains after its strongest week in a month, as the dollar slipped and European stock markets steadied, while physical buying remained strong in Asia.
Volumes were likely to remain thin throughout the day as both Britain and the United Sates had public holidays.
Spot gold rose 2 percent last week, mostly benefiting from a lower dollar and a shift of funds out of equities. It was up 0.6 percent to $1,394.39 an ounce by 1216 GMT.
U.S. gold futures for June delivery rose 0.5 percent to $1,394.00 an ounce.
Gold rose on Monday, extending its gains after its strongest week in a month, as the dollar slipped and European stock markets steadied, while physical buying remained strong in Asia.
Volumes were likely to remain thin throughout the day as both Britain and the United Sates had public holidays.
Spot gold rose 2 percent last week, mostly benefiting from a lower dollar and a shift of funds out of equities. It was up 0.6 percent to $1,394.39 an ounce by 1216 GMT.
U.S. gold futures for June delivery rose 0.5 percent to $1,394.00 an ounce.
BUT FEW HOURS LATER,SAME FUCK ESSAY
Gold Ends Lower Despite Strong Physical Demand
Published: Tuesday, 28 May 2013 | 3:34 PM ET
Strong buying of physical bullion on Tuesday helped pare losses from an earlier gold decline caused by a dollar rise and technical selling, but the metal continued to feel pressure from chart-based sell orders which stopped the recovery.
Benchmark gold futures showed a gain in early afternoon, while the spot price was still down a hair after failing to rise above technical resistance at its 14-day moving average near $1,400 an ounce, where selling was triggered, traders said.
"Every time when gold prices drop, we start to see a sharp pick-up in physical demand. Dealers are buying for fear of a sharp correction higher," said Phillip Streible, senior commodities broker at R.J. O'Brien.
The metal fell 1.5 percent earlier in the session on worries about continued outflow in gold-backed exchange-traded funds and an equities market rally driven by economic optimism.
Spot gold was last down 0.9 percent to $1,380 an ounce, after trading as low as $1,374.28 earlier.
U.S. gold futures settled $7.70 lower at $1,378.90 an ounce.
Volume was higher than usual due to Tuesday's Comex June option expiration and pent-up trading from Monday, traders said.
The U.S. market was shut on Monday due to the Memorial Day holiday.
Trading turnover was 360,000 contracts, on track to set the highest turnover since April 15 when gold prices tumbled 8.5 percent.
In physical market news, the U.S. Mint said on Tuesday it is resuming sales of its small, one-tenth ounce American Eagle gold bullion coins, a month after the precious metal's plunge to two-year lows triggered soaring demand.
Among other precious metals, silver was down 1.6 percent at $22 an ounce. Platinum rose 0.6 percent at $1,456 an ounce, while palladium gained 2.2 percent to $752 an ounce.
Strong buying of physical bullion on Tuesday helped pare losses from an earlier gold decline caused by a dollar rise and technical selling, but the metal continued to feel pressure from chart-based sell orders which stopped the recovery.
Benchmark gold futures showed a gain in early afternoon, while the spot price was still down a hair after failing to rise above technical resistance at its 14-day moving average near $1,400 an ounce, where selling was triggered, traders said.
"Every time when gold prices drop, we start to see a sharp pick-up in physical demand. Dealers are buying for fear of a sharp correction higher," said Phillip Streible, senior commodities broker at R.J. O'Brien.
The metal fell 1.5 percent earlier in the session on worries about continued outflow in gold-backed exchange-traded funds and an equities market rally driven by economic optimism.
Spot gold was last down 0.9 percent to $1,380 an ounce, after trading as low as $1,374.28 earlier.
U.S. gold futures settled $7.70 lower at $1,378.90 an ounce.
Volume was higher than usual due to Tuesday's Comex June option expiration and pent-up trading from Monday, traders said.
The U.S. market was shut on Monday due to the Memorial Day holiday.
Trading turnover was 360,000 contracts, on track to set the highest turnover since April 15 when gold prices tumbled 8.5 percent.
In physical market news, the U.S. Mint said on Tuesday it is resuming sales of its small, one-tenth ounce American Eagle gold bullion coins, a month after the precious metal's plunge to two-year lows triggered soaring demand.
Among other precious metals, silver was down 1.6 percent at $22 an ounce. Platinum rose 0.6 percent at $1,456 an ounce, while palladium gained 2.2 percent to $752 an ounce.
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MY COMMENTS-
WITH SO CALLED INCREASE IN DEMAND,WHY STILL GOLD ENDS LOWER????
THE INCREASE IN SO CALLED DEMAND IS ACTUALLY ALSO SEEN AS INCREASE IN SMART PEOPLE SELLING TO THE INCREASE IN STUPID FOOLS BUYING
WHAT THE FUCK?1ST SAY GOLD RISES WHEN DEMAND STRONG=GOLD DEMAND CURVE IS DOWNWARD SLOPING
FEW HOURS LATER,FLIPFLOP SAY GOLD LOWER DESPITE DEMAND STRONG=GOLD DEMAND CURVE IS UPWARD SLOPING.
SO AT END OF DAY,GOLD DEMAND CURVE IS UPWARD OR DOWNWARDS SLOPING???IM NUS ECONS GRAD,AM ALSO VERY CONFUSED BY THIS FUCK SWAYING IN THE WIND.
U BELIEVE IN NEWS,U WILL BE SUPER CONFUSED AT END OF DAY!!FEW HOURS GOLD DEMAND CURVE CAN TOTALLY CHANGE???WHAT THE FUCK?!!
FUCK NEWS.INSTITUTE OF MENTAL HEALTH IMH NEWS SPINNERS!!
MY COMMENTS-
WITH SO CALLED INCREASE IN DEMAND,WHY STILL GOLD ENDS LOWER????
THE INCREASE IN SO CALLED DEMAND IS ACTUALLY ALSO SEEN AS INCREASE IN SMART PEOPLE SELLING TO THE INCREASE IN STUPID FOOLS BUYING
WHAT THE FUCK?1ST SAY GOLD RISES WHEN DEMAND STRONG=GOLD DEMAND CURVE IS DOWNWARD SLOPING
FEW HOURS LATER,FLIPFLOP SAY GOLD LOWER DESPITE DEMAND STRONG=GOLD DEMAND CURVE IS UPWARD SLOPING.
SO AT END OF DAY,GOLD DEMAND CURVE IS UPWARD OR DOWNWARDS SLOPING???IM NUS ECONS GRAD,AM ALSO VERY CONFUSED BY THIS FUCK SWAYING IN THE WIND.
U BELIEVE IN NEWS,U WILL BE SUPER CONFUSED AT END OF DAY!!FEW HOURS GOLD DEMAND CURVE CAN TOTALLY CHANGE???WHAT THE FUCK?!!
FUCK NEWS.INSTITUTE OF MENTAL HEALTH IMH NEWS SPINNERS!!
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